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VOL. 42 | NO. 27 | Friday, July 6, 2018
US consumer borrowing up $24 billion in May
WASHINGTON (AP) — Americans increased their borrowing in May at the fastest pace in a year and a half, boosted by a big increase in credit card borrowing.
The Federal Reserve says consumer debt rose $24.5 billion in May after an increase of $10 billion in April. It was the biggest monthly increase since a rise of $24.8 billion in November 2016.
The category that includes credit cards climbed $16.3 billion in May after increasing by $5 billion in April.