Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

U.S. consumer credit rises, likely boosted by student loans

Send a link to a friend  Share

[April 08, 2014]  WASHINGTON (Reuters)  U.S. consumer credit rose more than expected in February, likely reflecting a surge in demand for student and automobile loans.

Total consumer credit increased by $16.49 billion to $3.13 trillion, the Federal Reserve said on Monday. January's consumer credit figure was revised to show a $13.80 billion increase instead of the previously reported $13.70 billion gain.

Economists polled by Reuters had expected consumer credit to rise by $14.09 billion in February.

Revolving credit, which mostly measures credit-card use, tumbled by $2.42 billion after January's $241-million drop. It was the second straight month of declines.

Nonrevolving credit, which includes auto loans as well as student loans made by the government, surged $18.91 billion in February. That was the biggest gain in a year and followed a $14.04 billion increase in January.

(Reporting by Lucia Mutikani; editing by Paul Simao)

[ 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Top Stories index

Back to top