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

(RTTNews) - Consumer credit in the U.S. increased by more than anticipated in the month of March, according to a report released by the Federal Reserve on Wednesday.

The Fed said consumer credit climbed by $17.5 billion in March following a downwardly revised $13 billion increase in February.

Economists had been expecting consumer credit to rise by about $15.5 billion compared to the $16.5 billion increase originally reported for the previous month.

The report said non-revolving credit such as student loans and car loans increased by $16.4 billion in March after rising by $15.7 billion in February.

Revolving credit, which largely reflects credit card debt, edged up by a more modest $1.1 billion in March following a $2.7 billion decrease in the previous month.

The Fed also said consumer credit rose by an annual rate of 6.7 percent in March, as non-revolving increased by 8.7 percent and revolving credit rose by 1.6 percent.