Consumer credit jumps by $19.3 billion in December

Source: Don Lee, LA Times

For better and for worse, consumers are starting to take on more debt — much more, surprisingly. The Federal Reserve reported Tuesday that consumer credit outstanding surged in December at a 9.3% annual rate, thanks mostly to strong car sales and growing demand for student loans. The seasonally adjusted dollar gain from November was $19.3 billion. That was almost triple what analysts were predicting, and December marked the second straight month of 9%-plus growth.

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