US consumer loans rise at a record $41.8 billion by Bloomberg

© . US Consumer Loans Rise by a Record $41.8 Billion (Bloomberg) — US consumer loans rose at their highest ever recorded level in February, amid exorbitant increases in both credit card balances and non-revolving loans. Total lending rose $41.8 billion from the previous month, following a revised $8.9 billion profit in January, Federal Reserve figures showed on Thursday. The increase surpassed all estimates in a Bloomberg survey of economists. On an annual basis, loans increased by 11.3%. Outstanding revolving credit, including credit cards, increased by $18 billion. Non-revolving loans, including auto and school loans, were up $23.8 billion. Both claims were among the largest ever. On an unadjusted basis, revolving credit declined as usual for the month, albeit to a lesser extent than in most years. That could indicate that in February, consumers paid off less of the debt they built up over the holiday season. (Adds image.) ©2022 Bloomberg LP

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