By Sarah Chaney
WASHINGTON--Americans increased their borrowing at a slower pace in November, the Federal Reserve said Wednesday. Here are some key details from the report:
--Outstanding consumer credit, a measure of debt excluding loans secured by real estate, rose at a 3.61% seasonally adjusted annual rate in November. That compares with a 5.49% annual growth rate in October.
--The total amount of consumer credit rose $12.51 billion in November from the previous month. Economists surveyed by The Wall Street Journal had expected a $15.5 billion increase.
--Consumer credit rose a revised $18.98 billion in October from September, the Fed said.
--Revolving credit outstanding, which is made up mostly of credit card debt, declined at a 2.68% seasonally adjusted annual rate in November.
--Nonrevolving credit outstanding, made up mostly of auto and student loans, increased at a 5.83% annual rate in November.
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(END) Dow Jones Newswires
January 08, 2020 15:15 ET (20:15 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.