WASHINGTON (1/9/13)--Consumer borrowing during November rose a seasonally adjusted 7% to nearly $2.769 trillion, announced the Federal Reserve Tuesday. Members' borrowing from credit unions was up $3.7 billion for the month--to $242.5 billion.
November's $16.05 billion increase in the overall debt was the fourth consecutive monthly increase, said the Fed's Consumer Credit report. Economists polled by Reuters had forecast a $12.75 billion hike in November, while those polled by Bloomberg had forecast a $12.8 billion rise (Bloomberg.com and FoxBusiness.com Jan. 8).
November's figures follow a slightly revised to 6.2% or a $14.08 billion rise during October, said the report. October's total debt was more than $2.752 trillion, compared with nearly $2.632 trillion at the end of 2011.
At credit unions, consumers' debt increased from October's $238.8 billion. November's figure was also $19.5 billion greater than the $223 billion members borrowed from credit unions during fourth quarter 2011.
(Editor's note: For a more detailed look at credit unions' lending in November, check the Credit Union National Association's Monthly Credit Union Estimates at the link.)
Non-revolving credit, which includes auto and student loans, rose 9.5%, accounting for nearly all of November's increase in consumer debt. Consumers borrowed slightly more than $1.91 trillion in these loans during November, compared with nearly $1.895 trillion in October and $1.78 trillion in fourth quarter 2011.
For credit unions, nonrevolving credit in November totaled $202.6 billion. That amounts to a $1 million increase from the $202.5 billion they loaned to members in October, and a $17 million increase from $185.1 billion loaned at the end of 2011.
November's revolving credit--largely credit card debt--also rose, at an annual rate of 1% to $834.3 billion. That compares with more than $823.8 billion borrowed in October and $851.4 billion at the end of 2011.
Credit union members' revolving credit totaled $39.9 billion, an increase from $38.2 billion in October and a $37.9 billion at the end of 2011.
The Fed's report does not track debt related to real estate, such as mortgages and home equity lines of credit.