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Consumer Credit Increases

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Consumers may be getting a better handle on their credit card debt. A recent study from the U.S. Federal Reserve showed consumer borrowing increased for the seventh month in a row.

Credit increased $6.25 billion in April, compared to March's figure of $4.82 billion increase.

Overall, economists surveyed by Bloomberg thought credit would increase by an average of $5 billion. Much of the improvement can be attributed to the greater demand for vehicles, as well as rising unemployment worries.

"The consumer is still leery about running up charge-card balances after the greatest financial crisis since the Great Depression," Chris Rupkey, Bank of Tokyo-Mitsubishi UFJ's chief financial economist, told the news source.

Revolving debt decreased by $944 million during the month, which was a sizable change from March, when this category increased $37 million. The category consists of mostly of credit card debt, according to the news source. Non-revolving debt grew $7.19 billion in April. This category includes auto loans and student loans.

The study's results may be a sign that consumers are finally getting a handle on credit card debt. This could be a good sign for the economy and consumer finance, in general.

Timely articles written by the Editors at DRC

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