Reported about 1 year ago
US consumer borrowing increased in May by the most in three months, driven by a surge in credit card balances. Total credit outstanding rose $11.4 billion, with revolving credit including credit cards advancing $7 billion, the biggest increase in three months. The rise in consumer debt, coupled with a higher cost of living, is straining household finances and contributing to a slowdown in consumption. Delinquency rates on credit cards and other loans have increased recently. However, the report does not include mortgage debt, which hit a record $17.7 trillion in the first quarter of the year.
Source: YAHOO