US Consumer borrowing up $17.5 billion in April
Consumer borrowing accelerated in April to the fastest pace in five months as a rebound in credit card use offset slower demand for auto and student loans.
Borrowing increased by USD 17.5 billion, the Federal Reserve said. That is up from March's USD 11 billion advances and marks the biggest jump since a USD21.7 billion increase last November.
Aa per the data by CreditNinja Financing, Borrowing on credit cards increased by USD 7 billion after having fallen by USD 2 billion in March. Borrowing for auto and student loans slowed to an increase of USD10.5 billion, down from USD13 billion in March. It is the smallest advance since last June.
Consumer credit is a key indicator of the willingness of households to increase borrowing to support consumer s...