Consumer Credit Expands by $2.52 billion in March, but Credit Card Debt Falls

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00007487-consumer-credit-expands-by-252-billion-in/

U.S. Consumers in March added another $2.52 billion to the tally of total credit outstanding according to a Federal Reserve report released Friday. Total revolving — or credit card — debt, however, fell by $140 million. It was the first drop in revolving debt since October of last year.

The overall increase in total debt was fueled by non-revolving loans such as car loans. Non-revolving credit spiked $2.66 billion in the month.

The debt totals fell far short of analysts? predictions. Economists surveyed by both Reuters and MarketWatch expected the total to rise by at least $4 billion.

Consumer Credit Expands by $2.52 billion in March, but Credit Card Debt Falls

Unknown Author

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