DFS - Consumer credit rises 2.8% in December driven by nonrevolving debt.

Total consumer credit rose 2.8% on December 2020 on a seasonally adjusted annual basis as higher nonrevolving credit, such as auto and student loans, more than offset lower revolving credit, i.e., credit card debt.Total consumer credit rose to $4.18T in December from $4.17T in November, with revolving credit declining 3.6% to $976B and nonrevolving credit rising 4.8% to $3.21T, according to the Federal Reserve.For Q4 2020, total outstanding consumer credit increased 2.7% on an annualized basis, up from 1.8% in Q3; consumer credit fell 5.6% in Q2 2020.For the year, total consumer credit was essentially flat as an 11% decline in revolving credit offset a 3.9% increase in nonrevolving credit.Mortgages, generally the biggest chunk of consumer debt, is not included in the Fed's report.Sector stock watch: Consumer finance companies stand to benefit when consumers borrow more, such as credit card companies American Express (AXP), Capital One (COF), and Discover Financial

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Consumer credit rises 2.8% in December, driven by nonrevolving debt.