Consumer Credit Fell By $1.73 Bln In December

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While the Federal Reserve released a report Friday afternoon showing that consumer credit fell for the eleventh consecutive month in December, the decrease in credit was much smaller than economists had been anticipating.

The report showed that consumer credit fell by $1.73 billion in December after a revised $21.8 billion decline in November. Economists had been expecting credit to decrease by a much more substantial $10.0 billion compared to the $17.5 billion decrease originally reported for the previous month.

The smaller than expected drop in total credit came as a $8.5 billion decrease in revolving credit, which includes credit cards, was partly offset by a $6.8 billion increase in non-revolving credit such as loans for new cars.

While the Federal Reserve released a report Friday afternoon showing that consumer credit fell for the eleventh consecutive month in December, the decrease in credit was much smaller than economists had been anticipating. (Market News Provided by RTTNews)