Consumer Borrowing Rises At Slower Pace In May
Overall credit rose by $19.6 billion in May, down from a gain of $26.1 billion in April, the Federal Reserve said Tuesday. 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. That marks a year-over-year rise of 9.3%. Credit card debt rose by a slight $1.8 billion in May, after having surged in April.
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