U.S. Nov. consumer credit up $1.35 bln

By Greg Robb

WASHINGTON (MarketWatch) -U.S. consumers increased their debt for the second straight month in November, the Federal Reserve reported Friday. Total seasonally adjusted consumer debt increased $1.35 billion, or a 0.7% annualized rate, in November to $2.402 trillion. This is the first two month gain in consumer credit since June and July 2008. Economists had expected a increase. October consumer credit was revised sharply higher to a 3.5% increase compared with the initial estimate of a 1.7% rise. The increase in November was once again led by non-revolving credit, such as auto loans, personal loans and student loans, which rose $5.56 billion or 4.2%. Revolving debt decreased $4.21 billion or 6.3%. This is the twenty-seventh straight monthly drop in credit card debt.