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 WASHINGTON (AP) - Consumers, battered by a credit crunch and prolonged housing slump, significantly slowed their pace of borrowing in February.
The Federal Reserve reported Monday that consumer borrowing rose at an annual rate of 2.4 percent in February, just half of the 4.9 percent increase in January.
The slowdown reflected much weaker demand for auto loans and other type of non-revolving credit, which rose at a rate of 0.4 percent in February, much lower than the 3.6 percent growth rate in January. Credit card debt rose at a 5.9 percent rate.
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