Consumer Borrowing Zooms in December

Americans’ borrowing took a leap in December, led by strong demand for everything from autos and boats to education and vacations. Consumer credit outstanding, excluding mortgage debt, advanced at a 9.7% annualized rate in December to a seasonally adjusted $1.39 trillion, the Federal Reserve reported. All told, consumers borrowed $11.2 billion more in December than in November--much more than the $7-billion gain many analysts had forecast. In December, demand for nonrevolving loans, including loans for autos, mobile homes, boats, trailers, education and vacations, rose at a rate of 10.6%. Revolving credit--which consists primarily of credit card accounts--grew at a rate of 8.4%.