8 May 2012

US consumer credit rising

10:03 am on 8 May 2012

Consumer credit in the United States rose during March at the fastest rate since late 2001 as credit card use, and student and car loans ballooned.

Figures from the Federal Reserve show total consumer credit grew by more than $US21 billion - more than double the predictions by economists.

It follows a revised $US9.3 billion increase in outstanding credit in February.

It was the largest surge in consumer credit for any month since November 2001, when it climbed by $US28 billion.