Consumer Borrowing in U.S. Surges by a Record $41.8 Billion

U.S. consumer borrowing surged in February by the most on record, reflecting outsized increases in both credit-card balances and non-revolving loans.

Total credit jumped $41.8 billion from the prior month after a revised $8.9 billion gain in January, Federal Reserve figures showed Thursday. The increase exceeded all estimates in a Bloomberg survey of economists. On an annualized basis, borrowing rose 11.3%.