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Consumer credit up 1 in March down at CUs
WASHINGTON (5/12/10)--Consumer credit in the U.S. increased at an annual rate of 1% in March to $2.45 trillion from $2.44 trillion in February, according to the Federal Reserve’s March 2010 Consumer Credit report. However, it decreased from $2.54 trillion during first quarter 2009. The projected March figures indicate that revolving credit decreased at an annual rate of 4.5% to $852 billion from February’s $855.8 billion, and compared with $935 billion in first quarter 2009. Revolving credit increased at an annual rate of 4% to $1.598 trillion from $1.593 trillion in February, compared with $1.6 trillion in first quarter 2009. Consumers borrowed from credit unions a total of $229 billion in March, compared with $233 billion in first quarter 2009 and $231.6 billion in February. Revolving credit at credit unions was $34.2 billion in March, compared with $34.4 billion in February and $32.2 billion in first quarter 2009. Nonrevolving credit was $194.9 billion from $197 billion in February, compared with $201 billion in first quarter 2009.
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