U.S. Consumer Credit Jumped in February Before Virus Hit
A pedestrian carries shopping bags in San Francisco on March 4.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
U.S. consumer debt grew in February by the most in seven months on a pickup in non-revolving loans, just before the coronavirus pandemic began to test the viability of household finances.
The $22.3 billion increase in total credit from the prior month followed a revised $12.1 billion January gain, Federal Reserve figures showed on Tuesday. The median estimate in a Bloomberg survey of economists was for a rise of $14 billion. Non-revolving debt, which includes auto and school loans, rose by $18.1 billion -- the most since 2015 -- while revolving or credit-card debt was up $4.2 billion.