US consumer credit rises $1.6 billion in December: Fed

By Ovunc Kutlu

ISTANBUL (AA) - US consumer credit rose around $1.6 billion in December, from the previous month, to more than $5 trillion, according to the Federal Reserve.

"In 2023, consumer credit increased 2.4 percent, with revolving and nonrevolving credit increasing 8.4 percent and 0.4 percent, respectively," the Fed said Wednesday in a statement.

"During the fourth quarter, consumer credit increased at a seasonally adjusted annual rate of 2.6 percent," it added.

On an annual basis, consumer credit in December increased at a seasonally adjusted annual rate of 0.4%.