In a very unexpected development, U.S. Consumers increased their non-real estate borrowing for the first time in a year.

According to new numbers released by the Federal Reserve Friday, the total seasonally adjusted consumer credit increased in January by $4.96 billion (for a 2.4% annual rate) to $2.46 trillion.

Economists had widely expected consumer borrowing to keep falling, given the still-weak job market and tightening credit in the run up to the CARD Act going into effect.

The good news is that this borrowing was not fueled by Americans running back out to the malls and throwing their credit cards around like ninja stars.  Balances on revolving debt (i.e. credit cards and lines of credit) fell in January by a 2.3% annual rate.

Fixed-payment loans (like car loans and student loans, which are much safer than credit cards in these troubling times) were driving the number.  These were up 5% during this time.

Some attribute the rise in new borrowing to a rosier outlook for the long-term economy and increased consumer confidence.  Other attribute it to a new “hot” phenomenon: “Frugal Fatigue.” That’s what the hipsters are calling the burning desire by Americans to get out and shop after being fiscally cooped up for too long.

Sort of like an alcoholic falling off the wagon or that chaste girl you knew from high school who turned into a super-slut when she got to college.  Some people just can’t bottle it up for long.

It will be interesting to see if this was a one-month hiccup or if our debt has bottomed out and is on the way back.

Which wouldn’t be an altogether bad thing, if we turn to smart borrowing in the future.  Our economy needs people buying things, preferably big, expensive things. And with limited job and wage growth in the short term, a lot of that will clearly have to be on credit.

Let’s just hope that we don’t forget the lessons of the last two years and forget frugality altogether.  Borrowing for college and cars is goods, vacations and iPads, not so much.  Plus we all need to keep our credit card purchases to a minimum, sticking a figurative and financial fork in the eye of those banks that took advantage of folks in their neediest hour.