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From the New York Times:WASHINGTON (AP) — The Federal Reserve reported on Monday that consumer borrowing rose at an annual rate of 2.4 percent in February, just half of the 4.9 percent increase in January.
The slowdown reflected much weaker demand for auto loans and other types of nonrevolving credit, which rose at a rate of 0.4 percent in February, much lower than the 3.6 percent growth rate in January. Credit card debt rose at a 5.9 percent rate.
Consumers have been moving to put more of their purchases on their credit cards as banks tighten lending standards for home equity loans, in response to the deepening credit crisis. The price of homes has fallen sharply in many parts of the country.
The 2.4 percent overall rate of increase was the slowest since December, when debt growth slowed to a 1 percent rate.
The overall increase in credit of $5.16 billion, slightly below expectations, pushed total consumer credit to a record $2.539 trillion.
The Fed’s measure of consumer borrowing does not include debt secured by real estate, like mortgages or home equity loans.
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