The central bank said revolving credit, mostly made up of credit card debt, fell by an annual rate of 2.5 percent, dropping to $851.6 billion.
Non-revolving debt rose by 7.5 percent to $1.99 trillion, the Fed said. Non-revolving debt includes car loans, student loans and mortgages.
Notable deaths of 2014 [PHOTOS]
ATM fees on the rise, again