U.S. March consumer credit rises 1.4%, Americans take on less credit card debt in March, Fed says

By Robert Schroeder, MarketWatch
Last Update: 3:14 PM ET May 5, 2006

WASHINGTON (MarketWatch) -- U.S. consumers took on an extra $2.52 billion in debt in March but decreased their amount of credit card debt, the Federal Reserve reported Friday.

Total outstanding consumer credit in March rose by 1.4% to $2.161 trillion, the Fed said.

Revolving debt like that on credit cards fell by $140 million, the first drop since last October.

Nonrevolving debt like automobile loans, meanwhile, rose by $2.66 billion, or 2.4%, the Fed said.

February's total consumer credit was revised to rise by $4.5 billion versus a previously estimated $3.3 billion.

The consumer credit figure was below economists' expectations. Analysts surveyed by MarketWatch were expecting consumer credit to rise by $4.3 billion.

Revolving debt was revised downward in February, to an increase of $71 million from the previously reported gain of $802 million.

Nonrevolving debt was revised sharply upward, to gain $4.4 billion, or 4%. Earlier, the Fed said consumers borrowed $2.5 billion more in February.

Robert Schroeder is a reporter for MarketWatch in Washington.

Source: MarketWatch

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