CONSUMER CREDIT GROWTH PLUNGES
May 8, 2013, 00:30 IST
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Total credit expanded only $7.966 billion in March to $2.76 trillion in total.
Economists predicted it would expanded by $15.6 billion after an upwardly-revised $18.629 billion rise in February.
Revolving debt – credit cards and the like – actually fell by $1.71 billion.
Nonrevolving debt – auto loans, student loans, and the like – rose by $9.68 billion. Of that, federal government lending to consumers, almost all of which is for student loans, expanded by $3.9 billion.
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