April 7, 2014 / 7:04 PM / in 4 years

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

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below