Consumer credit in January recorded its largest increase in five months, as consumers borrowed to buy cars and go to school, Federal Reserve data showed on Thursday.
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Total consumer installment credit expanded by $16.15 billion to $2.795 trillion. Economists polled by Reuters had expected consumer credit to rise $14.50 billion in January.
Revolving credit, which mostly measures credit-card use, rebounded $106 million in January after a falling a revised $3.16 billion in December.
Nonrevolving credit, which includes auto loans as well as student loans made by the government, rose $16.04 billion in January. That followed an $18.25 billion jump in December.