Consumer Credit Surged to $18.4 Billion in May, Most in 6 Months

(CN) — American consumers increased their use of credit cards and other borrowing in May at the fastest pace in six months, the Federal Reserve said Monday.

According to the Fed,  total consumer borrowing rose by $18.4 billion in May, the strongest gain since a $25.1 billion increase in November.

Much of this robustness reflected a greater use of credit cards, which rose by $7.4 billion — a big jump from April’s $1.2 billion April increase.

The category that includes auto loans and student loans increased $11.05 billion, slightly lower than April’s $11.8 billion gain.

The $18.4 billion rise in credit pushed borrowing measured in the monthly report to a fresh record of $3.84 trillion.

The Fed’s monthly credit report does not cover home mortgages or any other debt secured by real estate such as home equity loans.

In addition to announcing May’s numbers, the Fed revised  April’s gain upward to $12.9 billion.

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