Consumer Credit in U.S. Rose More Than Forecast in February
Consumer borrowing in the U.S. rose more than forecast in February, reflecting the biggest gain in non-revolving loans in a year. The $16.5 billion advance in credit exceeded all estimates in a Bloomberg survey of economists and followed a revised $13.8 billion gain in the previous month, Federal Reserve figures show. The gain in non-revolving loans came at the expense of a second straight decline in credit-card use. Revolving debt decreased by $2.4 billion in February after dropping $241 million the month before. Banks have been loosening the reins of credit, according to the Fed's quarterly survey of senior loan officers published in February. About 20 percent to 40 percent of banks said they expect delinquencies on most types of business loans to decline this year. About 40 percent expect mortgage delinquencies and write-offs to fall, and 15 percent to 20 percent expect credit-card loans and other consumer loans to improve.
From "Consumer Credit in U.S. Rose More Than Forecast in February"
Bloomberg (04/07/14) Stilwell, Victoria
Consumer borrowing in the U.S. rose more than forecast in February, reflecting the biggest gain in non-revolving loans in a year. The $16.5 billion advance in credit exceeded all estimates in a Bloomberg survey of economists and followed a revised $13.8 billion gain in the previous month, Federal Reserve figures show. The gain in non-revolving loans came at the expense of a second straight decline in credit-card use. Revolving debt decreased by $2.4 billion in February after dropping $241 million the month before. Banks have been loosening the reins of credit, according to the Fed's quarterly survey of senior loan officers published in February. About 20 percent to 40 percent of banks said they expect delinquencies on most types of business loans to decline this year. About 40 percent expect mortgage delinquencies and write-offs to fall, and 15 percent to 20 percent expect credit-card loans and other consumer loans to improve.
From "Consumer Credit in U.S. Rose More Than Forecast in February"
Bloomberg (04/07/14) Stilwell, Victoria
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