Consumer Credit Up in March

Washington, Dc, May 8, 2007--Consumer credit rose a much bigger-than-expected $13.46 billion in March as Americans loaded up on credit card debt and closed-end loans for cars, vacations and education, a Federal Reserve Board report showed on Monday.

Consumer credit rose at a 6.7 percent annual rate in March to $2.425 trillion, while previously reported increases for February and January were revised higher. The March gain was the largest since a $20.08 billion or 10.2 percent gain in November, the Fed said.

Analysts polled by Reuters were expecting a $4.5 billion March gain after an initially reported $2.97 billion February gain, which was revised upward to $5.56 billion.

January's consumer credit increase also was revised upward to $8.42 billion from $6.61 billion previously.

March revolving credit, made up of credit and charge cards, rose $6.77 billion, or at a 9.2 percent rate, the largest gain since November.

March nonrevolving credit, made up of closed-end consumer loans, rose $6.69 billion, or a 5.3 percent rate, the biggest gain since January.