WASHINGTON — Consumer credit climbed $18.2 billion, or 7.8%, in February to $2.799.1 trillion, the Federal Reserve reported Friday.
In January consumer credit jumped a revised $12.7 billion, or 5.5%, originally reported as a $16.1 billion increase.
Revolving credit rose 0.8% to $848.0 billion in February, while non-revolving credit rose 10.9% to $1.951.1 trillion.
The credit increase surpassed the expectations of economists polled by Thomson Reuters, who had projected a $16 billion increase.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
