U.S. consumer credit increased at an annual rate of 10 percent

U.S. consumer credit increased at an annual rate of 10 percent in November 2011 led by a very large gain for non-revolving credit, a positive sign of consumers’ growing confidence in the economy, reported the Federal Reserve on Monday.

The U.S. central bank said that total borrowing in November jumped 20.4 billion to a total of 2477.7 billion U.S. dollars from the revised figure of 2457.3 billion dollars in October, the biggest increase since November 2001.

The Fed said demand for revolving credit, the category that includes credit cards, grew by 8.5 percent in November, the borrowing in the nonrevolving category that includes auto loans rose at an annual rate of 10.7 percent.

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