Consumer credit increased by $19.5 billion in January, more than expected

Consumer credit has grown $19.49 billion in January, the consensus of $10.10 billion and accelerating from December’s $0.92 billion (revised from $1.56 billion).

Total outstanding consumer loans of $5.04 trillion increased from $5.02 trillion in the previous month. On a seasonally adjusted basis, consumer credit increased at an annual rate of 4.7%, faster than previously the previous month’s rate of 0.4%.

Revolving credit, which includes credit card debt, increased to $1,327.5 billion from $1,319.1 billion in November. Revolving credit increased at an annual rate of 7.6%.

Nonrevolving credit, which consists of auto and student debt, advanced to $3,711.7 billion from $3,700.6 billion, the Federal Reserve said Thursday. Non-revolving credit grew at an annual rate of 3.6%.