Americans obligated themselves to $5.4 billion more...

Americans obligated themselves to $5.4 billion more in credit than they paid off in December as consumer debt grew at an annual rate of 9.9%, the Federal Reserve Board reported. The Fed said the December increase followed a revised increase of $4.7 billion in November and a rise of $3.9 billion in October. December’s 9.9% rise in the seasonally adjusted annual rate of credit growth was up from an 8.5% rate in November. The December jump was paced by an increase in auto loans, while growth in the category of debt that includes credit cards slowed from the rapid pace of the preceding two months. Overall, total consumer debt reached a seasonally adjusted $667.3 billion in December, up 8.9% from a year earlier.