Business News

Consumer credit climbed in March

Published: May 8, 2013 at 9:53 AM

WASHINGTON, May 8 (UPI) -- Consumer borrowing rose in the first quarter of 2013, although credit card debt was little changed, the U.S. Federal Reserve said.

The Fed said total borrowing rose 5.75 percent on a seasonally adjusted annual rate with non-revolving credit -- which includes auto loans, personal loans and student loans -- up 8.1 percent on an annual rate and revolving credit up 0.2 percent.

For March, consumer credit rose at an annual rate of 3.5 percent, the Fed said in a report released late Tuesday.

The quarter ended with total consumer debt at $2.807 trillion -- $1.961 trillion in non-revolving debt and $846.2 billion in revolving debt, the Fed said.

Topics: Federal Reserve

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