WASHINGTON (Reuters) - U.S. consumer credit staged a surprise $1.76 billion increase in January, ending three straight months of steep declines, the Federal Reserve said on Friday.

January overall consumer credit rose 0.82 percent to $2.564 trillion, the Fed said. Analysts polled by Reuters had forecast a $5.0 billion decline in consumer borrowing for January.

The Fed also revised consumer credit drops for both December and November last year. It said the December decline was revised to $7.48 billion from a previously reported $6.6 billion fall. A previously reported record $11.04 billion drop for November was reduced to a $9.13 billion fall.

The last time consumer credit fell for three straight months was in 1991. Credit markets locked up in the fourth quarter of last year as the system for securitizing asset-backed debt broke down.

The Federal Reserve this week launched a new program aimed at unfreezing consumer credit by making up to $200 billion in loans against asset-backed securities as collateral. The program is expected to grow in coming months to up to $1 trillion.

January’s consumer credit increase was helped by gains in both revolving credit, which comprises credit and charge cards, and non-revolving debt, which includes closed-end consumer loans for cars, boats, college educations, holidays and other uses.

Revolving credit rose by $926.5 million to $962.32 billion, while non-revolving credit rose $830.2 million to $1.603 trillion, the Fed said.