U.S. consumer credit fell more than expected in February, showing consumers borrowed even less amid the economic downturn. However, the previous month's increase saw a large upward revision.
The Federal Reserve reported that consumer credit fell by $7.5 billion, against forecasts for a $3.0 billion drop.
Consumer credit for January, however, was upwardly revised to an $8.1 billion increase against an initially reported $1.8 billion rise.
In February, revolving debt, such as credit cards, was $955.7 billion, while non-revolving debt, such as auto loans, came to $1,608.2 billion.
By Megan Ainscow and edited by Ernest Hoffman
©CEP News Ltd. 2009