The latest Federal Reserve G.19 Consumer Credit Report shows that consumers accelerated their use of credit cards in January. Consumer use of revolving credit (which includes credit cards) surged at an annual rate of 7 percent during the first month of the year, up significantly from a 2.8 increase in December. That pushed the total amount of revolving credit to $947.4 billion. In December, total revolving credit stood at $941.8 billion.
Consumers relied heavily on credit cards to drive their spending in the run-up to the holiday season, according to recently published consumer credit statistics from the Federal Reserve.