U.S. Consumer Credit Rises More Than Expected In February

(RTTNews) - Consumer credit in the U.S. rose by more than expected in the month of February, according to a report released by the Federal Reserve on Monday, with a jump in non-revolving credit more than offsetting a drop in revolving credit.

The Federal Reserve said consumer credit increased by $16.5 billion in February following a revised $13.8 billion increase in January.

Economists had expected credit to rise by about $14.0 billion compared to the $13.7 billion increase originally reported for the previous month.

The increase in total credit came as non-revolving credit such as student loans and car loans surged up by $18.9 billion in February after climbing by $14 billion in January.

Meanwhile, revolving credit, which largely reflects credit card debt, dipped $2.4 billion in February after edging down by $0.2 billion in the previous month.

The Fed also said consumer credit rose by an annual rate of 6.4 percent in February, as non-revolving increased by 10.1 percent and revolving credit dropped by 3.4 percent.