Consumer credit grew at the second-slowest pace of the year in November, according to an article in The Wall Street Journal.

The article said that outstanding consumer credit, a measure of all debt besides mortgages, rose by $13.95 billion, or at an annual 4.8% rate in November.

From the article:

Over the past year, Americans have largely focused their spending on major purchases like cars and homes. But in November, consumers shifted into holiday gift-giving mode and spent more on smaller items such as electronics, clothing, music and books.

Much of the increase in outstanding consumer credit since 2010 has been due to a rise in student loans and, more recently, auto loans. Friday’s report showed slower growth in federal student loans, though it wasn’t clear whether that was due to seasonal factors.