Consumer credit grows more than expected in Jan.
Consumer credit increased by $17.0 billion in January to $4.035 trillion, the Federal Reserve reported Thursday.
In December, consumer credit rose a revised $15.4 billion to $4.018 trillion.
Economists polled by IFR Markets predicted a $15.5 billion increase in the month.
Revolving credit outstanding in January grew $2.6 billion to $1.058 trillion from $1.056 trillion the previous month.
Non-revolving credit rose $14.5 billion to $2.977 trillion from $2.962 trillion.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.