Consumer Borrowing Up Slightly in December
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Consumers kept a watchful eye on their debt and boosted their borrowing at an annual rate of 1.8% in December, the Federal Reserve reported.
That represented a $3.1-billion increase in borrowing from November -- considerably smaller than the $8-billion rise that some economists had forecast. The increase in borrowing, however, still pushed total consumer credit outstanding in December to $2.1 trillion, a record.
The Fed’s report includes credit card debt and loans for such things as boat, cars and mobile homes. It does not include real estate loans, such as home mortgages and home equity loans.
For all of 2004, consumer credit increased by 4.6%, up slightly from 4.5% in 2003. Last year’s increase was the largest since a 8% rise in 2001.
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