Apr 23, 2013 Walt Wojciechowski
An additional $18.2 billion in credit was taken out during the month, which Business Insider said was higher than the $15 billion experts expected.
Revolving credit increased by 0.8 percent, which accounts for credit cards. Borrowers of non-revolving credit, which encompasses most major types of lending such as student and car loans, increased by 10.9 percent in February.
Overall, total credit improved at a more significant rate of than was seen in January when credit lines crept up by 5.5 percent. However, revolving credit accelerated at a better rate in January as it increased by 2.3 percent.
The total amount of outstanding credit for American consumers now sits at $2.799 trillion.
Consumer credit continues to increase in 2013 on the back of a year of growth in 2012.
However, continued growth indicates a strong economy and a willingness for consumers to spend. It's a positive development for the U.S. as the recovery from the Great Recession continues.