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Consumer credit rises 3.6% in September

Consumer credit rises 3.6% in September (by Jeffry Bartash)

WASHINGTON (MarketWatch) - After cutting their debt in August, Americans resumed borrowing more money in September, the Federal Reserve said. Consumer credit increased in September by a seasonally adjusted $7.4 billion, or a 3.6% annual rate, the Fed said Monday. By contrast, consumer credit fell by a revised 4.7% in August, which had marked the first decline in 11 months. The non-revolving category such as auto loans, personal loans and student loans rose by 5.8%, or $8 billion, to $1.66 trillion in September. Student loans posed the biggest increase. Yet revolving credit, which tracks credit-card debt, fell by 1%, down $600 million to $789.6 billion.