U.S. Consumer Credit Falls in October

U.S. consumer credit fell unexpectedly and dramatically at an annual rate of 4 percent in October, the Federal Reserve reported Wednesday.

Consumer credit had been expected to grow $5.5 billion to $5.9 billion in October, but instead shrank by $7.2 billion. The big drop comes after an overall third quarter increase in consumer credit of 5.5 percent.

Both credit card, or revolving credit, and so-called non-revolving credit declined in October, the central bank said.