THE ECONOMY

Consumer Borrowing Slowed in January: Credit debt rose $3.7 billion, compared to $6.6 billion for December, the Federal Reserve Board said. Installment debt increased at an annual rate of 4.8% in January, the smallest advance since May, 1993, when it rose 2.1%. Credit rose at an 8.7% annual rate in December, after surging 17.7% in November. Economists had predicted a slowdown in the debt buildup pace, but the January figure was smaller than expected. Automobile loans were an important part of the decline: They fell 1.1%, or $289 million, for January, contrasted with an increase of 4%, or $1.1 billion, for December.