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US consumer credit increased in February

Apr 23, 2013 Walt Wojciechowski

During February, credit in the United States increased. Recently released consumer credit data from the Federal Reserve showed a 7.8 increase in credit during the month.

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.