U.S. consumer credit increased at an annual rate of 5 percent in September, following a revised growth of 8.2 percent in August, the U.S. Federal Reserve announced Wednesday.
Total consumer borrowing rose from a revised $2.7258 trillion in August to $2.7372 trillion in September, the central bank said in a report.
Revolving debt, the type which includes credit cards, dropped to $852 billion in September, down 4.1 percent at an annual rate from the revised $854.9 billion in August.
In September, the borrowing in the non-revolving category that includes auto and student loans, rose at an annual rate of 9.2 percent to $1.8852 trillion.
Consumer spending, which accounts for about 70 percent of the overall U.S. economic activity, was the major engine of U.S. economic growth.
