Consumer debt in the United States climbed at an annualized pace of 1.9 percent in January to $4.44 trillion, the Federal Reserve Board reported in its latest consumer credit report. This is a slower rate of growth than in prior months and quarters.
Consumer credit increased by $6.8 billion in January, less than the $21.5 billion estimates. The annualized rate of 1.9 percent was down from 6.1 percent in December and 10.8 percent in November.
In the first month of the year, revolving credit, which includes credit cards, decreased by 0.3 percent annually to $1.04 trillion, while nonrevolving credit, including school and auto loans, climbed by 2.5 percent annualized to $3.40 trillion.
Previously (Feb. 20), credit card delinquency and charge-off rates increased in January as indicators gradually normalized.