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May 24, 2017

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US consumer credit increases at slower pace in June versus May

WASHINGTON--U.S. consumers expanded their borrowing at a slower rate in June compared to the prior month.

Overall credit rose by US$18.3 billion in June to a total of US$3.17 trillion, the Federal Reserve said Thursday. The rise was down from a gain of US$21.5 billion in May.

Auto and student loans drove much of the gains in June, up US$16.2 billion. They have risen 8.4 percent year-over-year.

Credit card debt increased by a slight US$2.1 billion in June. The increase in credit card debt over the past year has been 1.3 percent, evidence that consumers are restrained.

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