Consumer Credit Balances Jump

Mastercard credit card peleREUTERSSoccer legend Pele gestures in front of a huge credit card.

Consumer credit balances increased by $US17.5 billion in March to a total of $US3.141 trillion. The gain was a bigger increase than the $US15.5 billion expected by economists.

This was the biggest month-over-month growth rate since February 2013, reports Bloomberg.

Nonrevolving debt like college and auto loans grew by $US16.4 billion.

Revolving debt like credit cards increased by $US1.1 billion.

It’s certainly worth noting that February’s gain was revised down to $US12.9 billion from an earlier estimate of $US16.4 billion.

Here’s a breakdown via the Federal Reserve:

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