Consumer Credit comes in lower than forecast

Americans increased their borrowing at a slower pace in January, the Federal Reserve said Friday. Here are some key details from the report:

--Outstanding consumer credit, a measure of debt excluding loans secured by real estate, rose at a 3.44% seasonally adjusted annual rate in January. That compares with a 5.83% annual growth rate in December. 

--The total amount of consumer credit rose $12.02 billion in January from the previous month. Economists surveyed by The Wall Street Journal had expected a $16.5 billion increase.  

--Consumer credit rose a revised $20.25 billion in December from November, the Fed said. 

--Revolving credit outstanding, which is made up mostly of credit card debt, declined at a 3.33% seasonally adjusted annual rate in January.  

--Nonrevolving credit outstanding, made up mostly of auto and student loans, rose at a 5.83% annual rate in January.