WASHINGTON ? Consumers borrowed more money in February to buy new cars but cut back on pulling out their credit cards to make purchases.
The Federal Reserve says consumers increased their borrowing by $7.6 billion in February. It was the fifth consecutive monthly gain.
All of the strength came in the category that includes car loans. Borrowing in the category that covers credit cards fell. That category has risen only once in the more than two years since the 2008 financial crisis peaked.
The gains in total credit pushed borrowing up to a seasonally adjusted annual rate of $2.42 trillion in February. That's 1 percent from the three-year low hit in September. Economists believe consumers need to start borrowing more to support sustained economic growth.
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