Consumer borrowing decreased by $7.4 billion in February to a seasonally adjusted $2.564.0 trillion from $2.571.4 trillion in January, the Federal Reserve reported yesterday. The January increase was revised up to an $8.1 billion increase.
Revolving credit fell to $955.7 billion, while non-revolving credit grew to $1.608 trillion. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
Thomson Reuters had projected a $3.0 billion slip in credit.
