Total consumer credit in the United States expanded 7.8 per cent at an annualized rate – or $18.1 billion – in February, ahead of expectations of a $15 billion expansion.
Revolving credit – credit cards and the like – rose 0.8 per cent at an annualized rate to $848 billion in December.
Non-revolving credit – auto loans and the like – increased 10.9 per cent at an annualized rate to $1.95 trillion.
The rate of expansion in total consumer credit was up significantly from January, when credit expanded $12.7 billion.
January consumer credit growth was revised down from a $16.2 billion initial reading.