Fed: Consumer Debt Up 3.3% in January
The Federal Reserve published its consumer credit report today, revealing that consumer debt increased at an annualized rate of 3.3% in January, to 2.5245 trillion dollars, an increase of 6.9 billion dollars over December 2007.
Non-revolving debt, such as mortgages, increased by only 1.1% annualized, while revolving debt such as credit card debt increased by 7% on an annualized basis ($5.6 billion).