Demand for nonrevolving credit, including new cars and vacations, grew by $6.4 billion in February, or at an annual rate of 7.9 percent. That followed a smaller $5.7 billion increase, or a 7 percent growth rate, in January.
For revolving credit, demand edged up by $674 million, or at an annual rate of 1.2 percent in February. That compared with an increase of $1.4 billion and a growth rate of 2.4 percent in January.
In January, consumer credit also rose at a 5.1 percent rate, according to revised figures. That was a big slowdown compared with the 9.3 percent pace the Fed reported a month ago.
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