» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 129 | NO. 132 | Wednesday, July 09, 2014

US Consumer Borrowing Rises at Slower Pace in May

JOSH BOAK | AP Economics Writer

Print | Front Page | Email this story | Comments ()

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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.