U.S. Oct. consumer credit up $7.6 billion

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U.S. Oct. consumer credit up $7.6 billion (by Greg Robb)

WASHINGTON (MarketWatch) -- U.S. consumers increased their debt for the second straight month in October, the Federal Reserve reported Wednesday. Consumers raised their debt by a seasonally adjusted $7.6 billion or at a 3.7% annual rate in October. The increase was very close to the forecast of Wall Street economists. Most of the gain came from the non-revolving category such as auto loans, personal loans, and student loans, which rose $7.3 billion or 5.3% in October. The non-revolving sector is being boosted by student loans. The Obama administration has shifted student lending away from banks and toward direct lending from the federal government. Revolving credit, which tracks credit-card debt, inched up by $366 million or 0.6% in the month.

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