U.S. consumer credit expanded by only $US13.7 billion in January to $US3.11 trillion (up 5.3% from a year earlier) after rising a downwardly-revised $US15.9 billion in December (up 6.2% from a year earlier), according to the latest data from the Federal Reserve.

Revolving credit — credit cards, home equity lines of credit, and the like — fell $US0.2 billion to $US856.2 billion in January, down 0.3% from a year earlier.

Nonrevolving credit — auto loans, student loans, and the like — rose $US13.9 billion to $US2.26 trillion, up 17.5% from a year earlier.

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