U.S. Credit Card Usage Soared in April

Before you go, we thought you'd like these...
Before you go close icon

Female customer giving credit card at cash counter to salesperson. Horizontal shot.
Vetta/Getty Images

By Jason Lange

U.S. consumer credit surged in April as Americans ramped up their use of credit cards, a potentially positive sign for consumer spending.

Total consumer credit increased by $26.85 billion to $3.18 trillion, the Federal Reserve said on Friday. That meant consumer debt was growing at a 10.2 percent annual rate, the fastest pace of growth since July 2011.

Analysts polled by Reuters expected a more modest increase during the month of $15.5 billion.

Revolving credit, which mostly measures credit-card use, jumped by $8.8 billion. Americans had not added that much revolving debt in any one month since November 2007.

Non-revolving credit, which includes auto loans as well as student loans made by the government, rose $18.0 billion in April.

Read Full Story

People are Reading