WASHINGTON--U.S. consumer credit expanded at a modest 2.2% annual rate in February, with the Federal Reserve’s latest G.19 report showing a sharp slowdown in revolving credit growth to just 0.6% while nonrevolving credit rose at a 2.8% pace.
Total outstanding consumer credit reached $5.1168 trillion in February, up from $5.1073 trillion in January, suggesting households were still borrowing but doing so more cautiously than in prior months.
For credit unions, the report showed consumer credit holdings slipped to $719.6 billion in February from $722.8 billion in January on a not seasonally adjusted basis, with revolving balances falling to $86.5 billion from $88.7 billion and nonrevolving balances easing to $633.1 billion from $634.2 billion.