Consumer credit debt rises in April
Business | Business

WASHINGTON, June 7 (UPI) -- Consumer credit in April rebounded as U.S. consumers raised their debt by a seasonally adjusted $11.1 billion to $2.820 trillion, the Federal Reserve said.

The Fed reported a seasonally adjusted annual rate of 4.75 percent. Revolving credit increased at an annual rate of 1 percent, while non-revolving credit increased at an annual rate of 6.5 percent.

Non-revolving credit, which includes student and auto loans, rose to $1.970 trillion, up $10.38 billion, on a seasonally adjusted basis, The Wall Street Journal reported.

Credit-card debt rose by $682.2 million to $849.81 billion.

The Fed said seasonally unadjusted outstanding consumer credit was $2.8 billion, covering most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.

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