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Consumer credit picks up a bit in January

“Total consumer credit increased $17 billion in January to a seasonally adjusted $4.03 trillion, according to the Federal Reserve” writes Senior Economics Reporter for Big picture: Credit growth has been steady, reflecting income growth and consumer optimism.Consumer credit remains “OK for now,” he said in an interview.What happened: Revolving credit, like credit cards, rebounded in January, rising by 2.9% after a 1.1% gain in December.And the Fed’s latest survey of senior loan officers concluded that demand for consumer loans was falling while banks were tightening standards on loans.

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