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October consumer credit up $3.4 billion


    WASHINGTON (Reuters) -- Total Uconsumer credit rose $3.4 billion in October on rising student loans, which offset a decline in revolving credit, including credit cards, Federal Reserve data showed on Tuesday.

    October consumer credit outstanding rose at a 1.7 percent annual rate to $2.399 trillion from a revised $2.395 trillion in September.

    Analysts polled by Reuters had forecast consumer credit to remain unchanged in October, after rising $1.2 billion in September. September's increase was previously reported as a $2.2 billion increase.

    The two straight monthly increases follow 19 months of declining credit as consumers worried about the lackluster economy chose to reduce credit card debts.

    Non-revolving credit, which includes closed-end loans for big-ticket items like cars, boats, college education and holidays, rose $9 billion, or at a 6.8 percent annual rate.