Consumer credit unexpectedly rose in January, against expectations that consumers would borrow less amid the economic downturn.
The Federal Reserve reported that consumer credit rose by $1.8 billion, against forecasts for a $5.5 billion drop.
Consumer credit for December was downwardly revised to a $7.5 billion drop against an initially-reported $6.6 billion decline.
In January, revolving debt, such as credit cards, increased by $926.5 million, while non-revolving debt, such as auto loans, rose by $830.2 million.
By Megan Ainscow and edited by Stephen Huebl
©CEP News Ltd. 2009