Consumers ‘ debt in February rose $18.1 billion or 7.8%, seasonally adjusted, the highest jump in borrowing in six months, according to the Federal Reserve’s Consumer Credit report released Friday.
Consumers borrowed more than $2.799 trillion during the month. Of that amount, $246.1 billion was borrowed from credit unions.
Most economists surveyed had forecast February’s debt would expand by $15 billion (BusinessInsider.com and The Wall Street Journal April 5). The $18.1 billion debt increase compares with January’s increase of $12.7 billion or 5.5% (MarketWatch April 5).
The $2.799 trillion in debt compares with $2.780.9 trillion in January and $2.650.9 trillion during first quarter of 2012.
The $246.1 billion members borrowed from credit unions also reflects an increase–from $245.7 billion borrowed in January, and $223 billion in first quarter last year.
Nonrevolving debt–auto loans, personal loans and student loans–totaled $1.951 trillion overall in February–a 10.9% gain from the $1.933.5 trillion borrowed in January. During first quarter 2012, nonrevolving debt totaled more than $1.808 trillion.continue reading »