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VOL. 129 | NO. 132 | Wednesday, July 09, 2014

US Consumer Borrowing Rises at Slower Pace in May

JOSH BOAK | AP Economics Writer

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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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 54 266 12,031
MORTGAGES 111 406 15,756
FORECLOSURE NOTICES 27 107 3,130
BUILDING PERMITS 0 606 28,832
BANKRUPTCIES 73 364 11,671
BUSINESS LICENSES 17 119 4,274
UTILITY CONNECTIONS 121 549 17,732
MARRIAGE LICENSES 23 104 3,668

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