U.S. consumer credit rose at an annual rate of 1.4 percent in March, the slowest pace in four months, the Federal Reserve reported Friday.

The 1.4 percent rate was down from a 2.5 percent pace in the previous month and marked the smallest gain since November when consumer credit posted a decline.

Data showed that Americans' borrowing in credit card debt and other types of revolving credit fell at an annual rate of 0.2 percent in March, following an increase of 0.1 percent in the previous month.

Borrowing in nonrevolving credit, including loans for cars, vacation and education, increased at an annual rate of 2.4 percent in March, compared with a growth rate of 3.9 percent in the previous month.

Americans were borrowing less in March because their budgets had been strained by rising costs for gasoline and other energy products, according to analysts.

Consumer credit is reflecting personal consumer spending, which accounts for two thirds of overall U.S. economic activity and is a major force pushing the economy to grow.

Source: Xinhua