Consumers cut credit card debt in Feb., but boost car, school loans

U.S. consumers unexpectedly took on more debt for vehicles, vacations and education than expected in February, the fifth consecutive monthly increase, the Federal Reserve reported this afternoon. At the same time, Americans continued to pay off their credit cards.

Overall, total consumer debt rose at an annually adjusted 3.8%, the largest increase since June 2008. Consumers now owe $2.42 trillion.

View the Original article