US consumer credit rises $26.5 billion in March: Fed

By Ovunc Kutlu

ISTANBUL (AA) - Consumer credit in the US rose by $26.5 billion in March to reach $4.85 trillion, according to Federal Reserve data released Friday.

The figure came much higher than the market expectation of a $16.5 billion increase, while consumer credit rose $15 billion in February from the month before.

The latest figure is a 6.6% increase in March, compared to February when it gained 3.7%.

Revolving credit, mostly credit cards, soared 17.3% in March after it rose 5.7% in the month before.

Nonrevolving credit, mainly auto and student loans, was up 3% in March, after increasing 3.1% the previous month.

Student loan debt totaled almost $1.8 trillion as of March, while major vehicle loans were more than $1.4 trillion, according to the Fed figures.