Officials: Americans Borrowed More Money in May

Posted July 8th, 2011 at 4:35 pm (UTC-5)
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U.S. officials say Americans took on more debt in May, while using their credit cards more for only the second time in nearly three years.

The Federal Reserve said Friday that consumer borrowing rose by slightly more than $5 billion in May, following a revised gain of $5.7 billion in April. The category includes car and student loans.

Meanwhile, credit card debt has fallen each month since mid-2008 except for two instances, which includes last May. Since the U.S. financial crisis hit in 2008, consumers have been decreasing their use of credit cards, which economists say has held back spending.

The total of all consumer credit outstanding this past May was $2.43 trillion.