WASHINGTON (Reuters) - Consumer credit expanded more than expected in January as people borrowed money to buy cars and go to school, although lending via lines of revolving credit fell for the first time in five months.
Total consumer credit grew by $17.776 billion in January, more than the $10.0 billion increase that was expected by analysts in a Reuters poll.
Nonrevolving credit, which includes auto loans as well as student loans made by the government, rose $20.723 billion during the month. That was the biggest increase in dollar terms since November 2001, when credit was surging in the wake of the September 11 attacks in New York and Washington.
Revolving credit, which mostly measures credit-card use, fell by $2.947 billion in January. That was the first decline since August.
(Reporting by Jason Lange; Editing by Andrea Ricci)
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