Consumer credit in the U.S. jumped much more than expected in the month of February, according to a report released by the Federal Reserve on Tuesday.
The Fed said consumer credit surged up by $22.3 billion in February after climbing by $12.1 billion in January. Economist had expected consumer credit to increase by $14.0 billion.
The bigger than expected increase came as non-revolving credit, such as student loans and car loans, jumped by $18.1 billion in February after increasing by $14.5 billion in January.
Revolving credit, which largely reflects credit card debt, also rose by $4.2 billion in February after dipping by $2.4 billion in the previous month.
Compared to the same month a year ago, total consumer credit in February was up by 6.4 percent, as non-revolving credit spiked by 7.0 percent and revolving credit jumped by 4.6 percent.
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