“Credit-Card Borrowing Dips, but Student Loans Jump”
“Consumer credit outstanding increased at a seasonally adjusted annual rate of 1.7%, up by $3.4 billion to $2.4 trillion, a Federal Reserve report said Tuesday. The gain was the second in as many months following 19 straight losses. Economists surveyed by Dow Jones Newswires had predicted a $2 billion decline in October consumer credit.
The data Tuesday showed the October gain was driven by another big increase in student loans, a category that pushed up overall consumer credit in September by $1.2 billion. Originally the Fed reported a $2.1 billion increase in September borrowing.” Read more.
“Credit-Card Borrowing Dips, but Student Loans Jump”
Jeff Bater and Tom Barkley
Wall Street Journal, December 7, 2010.
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