US consumer borrowing rises at slower pace in May

US consumer borrowing rises at slower pace in May

Credit: AFP/Getty Images

An Indian money changer poses as he counts US Dollar currency notes at his office in New Delhi on October 24, 2008. India's central bank kept its key interest rates steady but declared it was ready to take "unconventional" and swift measures to deal with the global financial crisis. AFP PHOTO/ MANAN VATSYAYANA (Photo credit should read MANAN VATSYAYANA/AFP/Getty Images)

Print
Email
|

by ASSOCIATED PRESS

khou.com

Posted on July 8, 2014 at 3:01 PM

WASHINGTON (AP) - Consumers increased their borrowing at a slower pace in May compared to the prior month.
   
The Federal Reserve says that overall credit rose by $19.6 billion in May, down from a gain of $26.1 billion in April. The relatively modest increase should help to feed slow but steady economic growth, because consumers rely on debt to pay tuition, buy cars and shop.
   
Total outstanding consumer debt is now approaching $3.2 trillion.
   
Auto and student loans drove much of the gains in May. They increased by a combined $17.8 billion. That marks a year-over-year rise of 9.3 percent.
   
Credit card debt rose by a slight $1.8 billion in May, after having surged in April. The increase in credit card debt over the past year has been 2.5 percent.

Print
Email
|