US consumer credit grows in October, reflecting higher use of credit cards

Consumer borrowing in the U.S. rose in October at a slightly faster rate than the previous month as shoppers continued to depend on their credit cards to finance purchases.

The Federal Reserve reported Friday that consumer credit increased at an annual rate of 2.3 percent in October, faster than the 1.6 percent growth rate for September.

The gain reflected an acceleration in the growth of credit card debt which offset a second straight month of declines in the category of debt that includes auto loans.

Revolving credit, which includes credit card debt, increased at a rate of 8.3 percent in October following a gain of 6 percent in September and an …