Credit Card Spending in America

U.S. consumer credit increased at an annual rate of 3.7 percent in October, a positive sign for a still fragile economic recovery, reported the Federal Reserve on Wednesday.

The U.S. central bank said that total borrowing in October rose to 2,457.5 billion U.S. dollars from the revised figure of 2449.8 billion dollars in September.

The Fed said that demand for revolving credit, the category that includes credit cards, edged up 0.6 percent in October.

In October, the borrowing in the non-revolving category that includes auto loans rose at an annual rate of 5.3 percent.

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