U.S. consumer borrowing fell sharply in February after rising for the first time in three months in January a Federal Reserve report showed on Tuesday.
February's consumer credit dropped $7.48 billion, at an annual rate of 3.5 percent, after advancing at a rate of 3.8 percent or $8.14 billion the prior month.
Analysts polled by Reuters were expecting a $1 billion drop in consumer borrowing for February.
Non-revolving credit, which includes closed-end loans for big-ticket items like cars, boats, college educations and holidays, rose $313 million, or at a 0.2 percent rate.
However, revolving credit, made up of credit and charge cards, plunged at a 9.7 percent rate, or a record $7.79 billion in February.
(Reporting by Lucia Mutikani; Editing by Neil Stempleman)