Consumer credit increase largest in 5 months

WASHINGTON Thu Mar 7, 2013 3:10pm EST

A shopper walks down an aisle in a newly opened Walmart Neighborhood Market in Chicago in this September 21, 2011 file photo. REUTERS/Jim Young/Files

A shopper walks down an aisle in a newly opened Walmart Neighborhood Market in Chicago in this September 21, 2011 file photo.

Credit: Reuters/Jim Young/Files

WASHINGTON (Reuters) - Consumer credit in January recorded its largest increase in five months, as consumers borrowed to buy cars and go to school, Federal Reserve data showed on Thursday.

Total consumer installment credit expanded by $16.15 billion to $2.795 trillion. Economists polled by Reuters had expected consumer credit to rise $14.50 billion in January.

Revolving credit, which mostly measures credit-card use, rebounded $106 million in January after a falling a revised $3.16 billion in December.

Nonrevolving credit, which includes auto loans as well as student loans made by the government, rose $16.04 billion in January. That followed an $18.25 billion jump in December.

(Reporting By Lucia Mutikani; Editing by Neil Stempleman)

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