Consumer credit increased in February as Americans piled on more card debt, according to Federal Reserve Board figures.
Consumer credit, or nonmortgage loans to individuals, increased at an annual rate of 1.48% from January, to $2.4 trillion, the Fed said last week. In January consumer debt rose at an annual rate of 3.3%.
"There's some tentative evidence of a shift into credit cards," said Robert Dederick, the president of RGD Economics in Hinsdale, Ill. "Logic suggests there would be. If you take the last few months together, the data are consistent."
Revolving debt, such as credit cards, rose at an annual rate of 3.4%, to $883.9 billion. Nonrevolving debt, such as car loans, climbed at a rate of 0.4%, to $1.5 trillion.