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Consumer credit rose by $1.56B in December, well below the $14.90B consensus and easing from $23.48B in November (revised from $23.75B).
Total outstanding consumer borrowing of $5.01T remained roughly unchanged from the prior month. On a seasonally adjusted basis, consumer credit increased at a 0.4% annual rate, slowing down from the 5.7% rate in the previous month.
Revolving credit, which includes credit card debt, ticked up to $1,314.3B from $1,313.2B in November.
Nonrevolving credit, which consists of auto and student debt, edged up to $3,696.0B from $3,695.5B, the Federal Reserve said.
The slowing in consumer borrowing comes as credit card delinquencies and net charge-offs continued to climb in December.