-
US credit-card borrowing declines in January, second drop in past three month
Consumers are pulling back from using their credit cards, according to data released by the Federal Reserve on Friday. Revolving credit, namely credit cards, declined at a 3.3% annual rate in January. That's the second decline in the past three months. Nonrevolving credit such as student and auto loans grew 5.8%, up from 3.6% in December. Overall, consumer credit growth in January slowed to a 3.4% rate, or $12 billion, down from 5.8% in the prior month. The data does not include mortgage borrowing. Consumer credit totaled $4.2 trillion in January, up from $2.9 trillion in January 2013. Fed officials have said ... (full story)