US consumer credit rises by $9.06B in September: Fed

By Ovunc Kutlu

ISTANBUL (AA) - Consumer credit in the US rose by $9.06 billion in September to $4.98 trillion, according to Federal Reserve data released Tuesday.

The increase came in less than the market expectation of a $10 billion increase, while consumer credit fell by $15.79 billion in August.

"Consumer credit increased at a seasonally adjusted annual rate of 0.4 percent during the third quarter," the Fed said in a statement.

"Revolving credit increased at an annual rate of 8.6 percent, while nonrevolving credit decreased at an annual rate of 2.4 percent. In September, consumer credit increased at an annual rate of 2.2 percent," it added.

Student loan debt totaled more than $1.73 trillion as of September, while major vehicle loans were at almost $1.55 trillion, according to the Fed figures.