Consumer borrowing slows down

U.S. consumers borrowing grew at the slowest pace in more than a year in January, according to new data from the Federal Reserve.

{mosads}The $11.6 billion borrowed in January was down from $17.6 billion in December. It was also the smallest figure since consumer borrowing grew $8.3 billion in November 2013.

The rise in January borrowing was driven by a 6.3 percent increase in nonrevolving credit – the type of credit with a fixed number of payments, like for cars. Revolving credit, which includes credit cards, decreased by 1.6 percent.

Analysts had expected borrowing to rise more sharply, with the median of forecasts coming in at around $15 billion.