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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 This material may not be published, broadcast, rewritten or redistributed.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 66 180 11,618
MORTGAGES 81 223 15,202
FORECLOSURE NOTICES 21 68 2,979
BUILDING PERMITS 0 392 27,646
BANKRUPTCIES 90 218 11,180
BUSINESS LICENSES 26 63 4,101
UTILITY CONNECTIONS 99 422 16,906
MARRIAGE LICENSES 19 62 3,526

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