CONSUMER CREDIT EXPANDS BY $18.8 BILLION
Feb 8, 2014, 01:32 IST
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This was much more than the $12.0 billion expansion expected by economists.
Revolving credit balances, which include things like credit cards, increased by $5 billion. This was the biggest gain in seven months.
Non-revolving balances, which include things like auto and student loans, grew by $13.8 billion.
The financial crisis was followed by sharp contraction in credit balances. This so-called balance sheet recession put tremendous pressure on the economy.
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According to Bloomberg, this was the biggest gain in consumer credit balances since February 2013.
More to come...