Secured Personal Loans People In Debt

Student, Auto Loans Push Consumer Credit Higher

U.S. consumer credit grew during September, bouncing back after a big dip the previous month.

Consumer credit increased by $7.39 billion to $2.452 trillion, the Federal Reserve said Monday. Economists surveyed by Dow Jones Newswires had forecast a $4.0 billion expansion in consumer credit. The figures are a significant turnaround from August when consumer credit fell $9.68 billion, according to revised figures.

The jump was driven by an increase in nonrevolving credit, which includes student loans, perhaps suggesting that more people are returning to school as unemployment remains high.

Total nonrevolving credit, which also includes car loans, jumped $8.01 billion in September, rising to $1.662 trillion. The Fed report said revolving credit, which includes credit-card debt, declined slightly, falling by $627 million to $789.62 billion.

The consumer-credit report doesn’t include numbers on home mortgages and other real-estate secured loans. But the data are important for the clues to behavior by consumers.

Despite a weak economy and concerns about household finances, big credit-card issuers have been reporting strong earnings. MasterCard Inc., for instance, said last week that third-quarter profit jumped 38.4% as transactions made with credit and debit cards increased.

Consumer spending grew 2.4% in July through September compared with the prior quarter, helping push overall growth in the economy, a report released late last month showed. Shoppers spent more on durables, goods such as cars and refrigerators that they often need financing to buy.

The spending spurt, however, came as incomes remained nearly flat in September and personal savings fell to their lowest level since December 2007.

That could signal that Americans won’t be able to continue spending, or may need to turn to credit cards to cope with high costs for food and fuel.

Unemployment that is expected to remain elevated for some time could also keep spending in check.

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