Consumer credit grows less than expected in March

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Consumer credit increased by $11.6 billion in March to $3.875 trillion, the Federal Reserve reported Monday.

In February, consumer credit rose a revised $13.6 billion to $3.863 trillion.

Economists polled by IFR Markets predicted a $16 billion increase in the month.

Revolving credit outstanding in March fell $2.6 billion to $1.027 trillion from $1.030 trillion the previous month.

Non-revolving credit rose $14.2 billion to $2.848 trillion from $2.834 trillion.

Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.

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