Consumers slammed on brakes on borrowing in December, Fed data shows

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The numbers: Total consumer credit rose $1.5 billion in December, down from a $23.4 billion gain in the prior month, the Federal Reserve said Wednesday. That translates into a 0.4% annual rate, down from a 5.7% rise in the prior month.

Economists had been expecting a $15 billion gain, according to the Wall Street Journal forecast.