US consumer credit tumbles $11.51 bln in Feb

WASHINGTON, April 7 (BestGrowthStock) – Total U.S. consumer credit unexpectedly fell by $11.51 billion in February, reversing the prior months surprise increase, Federal Reserve data showed on We
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February consumer credit outstanding dropped at a 5.62 percent annual rate to $2.45 trillion. Januarys figures were sharply revised upward to show a $10.64 billion increase, previously r
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Analysts polled by Reuters had forecast consumer credit would rise by $0.5 billion in February.

Nonrevolving credit, which includes closed-end loans for expensive items such as cars, boats, college education and holidays, slipped $2.07 billion, or at a 1.56 percent annual rate, to $
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Revolving credit, made up of credit and charge cards, tumbled $9.44 billion, or at a 13.06 percent rate, to $858.15 billion, the data showed.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

US consumer credit tumbles $11.51 bln in Feb