Consumer borrowing - including credit card balances, student loans and auto loans - increased in December, according to the Federal Reserves monthly consumer credit report.
Total borrowing grew by $14.8 billion, and Decembers figures indicate consumers increased their credit card use by the highest amount in eight months, the Federal Reserve reports. Revolving debt, primarily credit card balances, increased by $5.8 billion, while nonrevolving debt rose by $8.9 billion.
Decembers jump in revolving debt followed a $946 million drop in the figure in November. The increase resumes a trend that's been welcomed by the credit card industry - renewed loan growth. Revolving credit grew by $4 billion in the first quarter of 2014, $14 billion in the second quarter and $6 billion in the third quarter, according to recent Fed data.
Nonrevolving credit grew by $15 billion in November, compared with a $14.5 billion gain in October.
The December uptick in nonrevolving credit was the smallest increase since February 2012.
