U.S. consumer credit saw its biggest increase in a year in December, reflecting increases in both revolving and non-revolving credit.

Data released by the Federal Reserve on Friday showed that outstanding consumer credit increased by $24 billion, compared with an increase of $4.7 billion in the previous month. This figure exceeded the expectations of all economists surveyed.

Non-revolving credit, such as loans used for car purchases and tuition payments, increased by $10.2 billion in December, the largest increase in seven months. Meanwhile, outstanding balances of revolving credit, including credit cards, rose by $13.8 billion, the largest monthly increase in more than two years. The report excludes mortgage loans.

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