U.S. consumer credit recorded its largest increase in a year in March, boosted by growing demand for student loans and household borrowing to buy automobiles.
Total consumer credit increased by $17.53 billion to $3.14 trillion, the Federal Reserve said on Wednesday. That was the largest rise since February 2013.
February's consumer credit figure was revised lower to show a $12.99 billion increase rather than the previously reported $16.49 billion advance.
Economists polled by Reuters had expected consumer credit to rise by $15.75 billion in March.