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U.S. consumer credit tops $4 trillion for the first time in December

“The numbers: For the first time ever, consumer credit has risen above $4 trillion, the Federal Reserve said Thursday” writes Senior Economics Reporter for Before any alarm bells are sounded, it is important to note that overall consumer credit growth has been on a downward trend.For the year, credit card debt was up at a 2.75% pace while nonrevolving credit was up at a 5.5% pace.What happened: Revolving credit, like credit cards, rose 2% in December, after increasing by 5.6% in November and 11.7% in October.That’s an annual growth rate of 5%, which is down from a 6.8% rate in November.

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