Consumer Borrowing Jumps in January, Driven by Credit Card Usage
- Consumer credit grew by $19.49B in January, exceeding expectations
- Total outstanding consumer borrowing rose to $5.04T
- On an adjusted basis, consumer credit increased at a 4.7% annual rate in January
- Revolving credit like credit cards rose to $1.327.5B, increasing at a 7.6% rate
- Nonrevolving credit such as auto and student loans advanced to $3.711.7B, rising at a 3.6% rate
