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Auto, Student Loan Volume Buoys Consumer Credit
WASHINGTON (12/9/13)--Consumer credit issued by credit unions was up on a non-seasonally adjusted basis by $1.3 billion in October, according to Federal Reserve data released Friday.
 
The rise was part of a larger increase that saw consumer credit across the nation go up by $18.2 billion in October--the biggest increase recorded by the Fed in five months.
 
Driving the gains were increases in student loans and car loans. Households still appear reluctant to accumulate credit card debt, comparatively speaking (Economy.com Dec 6). However, revolving debt, which includes purchases made with credit cards, was up by $4.3 billion in October after declining by $218 million in September. Non-revolving credit rose $13.9 billion in October after rising $16.5 billion in September (Bloomberg.com Dec. 6).
 
Consumers borrowing increased by $16.3 in September, with an average increase of $16.7 billion over the past three months.


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