WASHINGTON – Consumer borrowing decreased by $11.5 billion, or 5.6%, in February to a seasonally adjusted $2.448 trillion, reversing course after borrowing increased in January, the Federal Reserve reported today.
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Consumer credit in January was revised to an increase of 5.2%, more than double the 2.4% gain reported last month. Consumer credit had declined for 11 consecutive months until January.
Economists expected February consumer credit to increase by $1.3 billion, according to the median estimate from Thomson Reuters.
Revolving credit fell by 13% to $858.1 billion.
Nonrevolving credit, which includes loans for automobile, education and vacations, fell by 1.6% to $1.590 trillion.
