Consumer credit in the U.S. increased by much less than anticipated in the month of January, according to a report released by the Federal Reserve on Tuesday.
The Fed consumer credit rose by $8.8 billion in January after climbing by a revised $14.8 billion in December. Economists had expected credit to increase by about $17.1 billion.
The weaker than expected growth came as an increase in non-revolving credit was partly offset by a drop in revolving credit.
Non-revolving credit such as student loans and car loans rose by $12.6 billion in January following an $11.2 billion increase in December.
Meanwhile, the report said revolving credit, which largely reflects credit card debt, fell by $3.8 billion in January after rising by $3.6 billion in the previous month.
The Fed said consumer credit increased by an annual rate of 2.8 percent in January, as non-revolving credit surged up by 5.5 percent but revolving credit slumped by 4.6 percent.
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