The Fed has raised interest rates six times since June 1999 to slow the economy and its main engine, consumer spending.
Consumers account for two-thirds of all economic activity.
The central bank's rate increases are designed to raise borrowing costs and thus cool demand for such big purchases as cars and homes. Last month the Fed, citing evidence of moderating economic growth, opted not to boost rates again. But it held the door open to additional increases in the future should inflation risks intensify. The Fed's report on consumer credit includes credit card debt and loans for autos, boats and mobile homes. It does not include loans backed by real estate, such as home mortgages or increasingly popular home equity loans.