By Reade Pickert
U.S. consumer borrowing rose in January at the slowest pace in a year as households paid down credit-card balances that swelled during the holiday-shopping season.
Total credit increased $6.8 billion from the prior month after a revised $22.4 billion gain in December, Federal Reserve figures showed Monday. On an annualized basis, borrowing rose 1.9%. The median estimate in a Bloomberg survey of economists called for a $24.3 billion gain.
Revolving credit outstanding, which includes credit cards, fell $218.7 million, the first decline since April. Two months earlier, revolving credit jumped a record $21 billion. Non-revolving credit, which includes auto and school loans, rose $7.1 billion.
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