the numbers total consumer credit 189 billion in december down from a torrid 388 billion gain in the prior month the federal reserve said monday economists had been expecting a 24 billion gain according to the wall street journal forecast consumer borrowing rose at a 54 annual rate in december down from a a revised 106 gain in the prior month key data revolving credit like credit cards rose at a 24 rate in december after a 228 gain in the prior month nonrevolving credit typically auto and student loans rose 6 after a 7 growth rate in november this category of credit is much less volatile the data does not include mortgage loans which is the largest category of household debt big picture after paying down debt in 2020 consumers resumed borrowing last year with credit rising by 59 to 44 trillion economists are watching consumer closely to gauge how strong the economy might be in 2022 sal guatieri senior economist at bmo capital markets said consumers are being pulled in two directions this year rising wealth and high household savings from the pandemic may bolster spending while inflation higher interestrates and the suspending of extra child tax credit may limit spending market reaction stocks djia spx were higher on monday as investors seemed more willing to buy the dip after january’s stock market rout