Consumer credit at highest in nearly three years

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Consumer credit at highest in nearly three years (by Steve Goldstein)

WASHINGTON (MarketWatch) -- U.S. consumer credit advanced at a seasonally adjusted annual rate of 4.2% to $2.52 trillion in February, the Federal Reserve reported Friday. That's the highest pile of debt since April 2009, though the rate of growth was the slowest since October. January's data was revised higher to show 8.9% growth from an initially reported 8.6% advance. Revolving credit, such as credit-card debt, fell by 3.3% in February, while nonrevolving credit, like auto and student loans, jumped 7.7%.

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