Economic Buzz: US Consumer Credit Rises Further In December

US consumer credit climbed by $ 16.6 billion in December after jumping by an upwardly revised $ 22.4 billion in November, according to a report released by the Federal Reserve on Thursday. The report said non-revolving credit such as student loans and car loans rose by $ 14.9 billion in December after surging up by $ 17.5 billion in November. Revolving credit, which largely reflects credit card debt, edged up by $ 1.7 billion in December after rising by $ 4.9 billion in the previous month. Compared to the same month a year ago, consumer credit in December was up by 5.0 percent, as revolving and non-revolving credit increased by 2.0 percent and 6.0 percent, respectively.