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Consumer Credit in U.S. Surged in the most in 10 years

Consumer Credit in U.S. Surged in Nov.
By Meera Louis – Jan 9, 2012 3:21 PM ET .

Consumer borrowing (CICRTOT) in the U.S. surged in November by the most in 10 years, showing households are optimistic enough to take on debt and banks are willing to lend.

Credit increased by $20.4 billion, the biggest jump since November 2001, to $2.48 trillion, Federal Reserve figures showed today in Washington. The advance was almost twice as big as the highest forecast of 31 economists surveyed by Bloomberg News.

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