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WASHINGTON — Consumer borrowing plunged more than expected in February as Americans cut back their use of credit cards by a record amount.
The Federal Reserve said Tuesday that consumer borrowing dropped at an annual rate of $7.48 billion in February, 3.5 percent, from January. Wall Street economists expected borrowing to slide by $1 billion, according to a survey by Thomson Reuters.
The decline was led by a record drop in borrowing on credit cards, which fell at an annual rate of $7.8 billion, 9.7 percent.
