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US consumers increased borrowing by $11.1 billion in April, led by student and auto loans

Americans borrowed more in April to attend college and buy cars and were a little less cautious with their credit cards than the previous month.

The Federal Reserve says consumer borrowing rose $11.1 billion in April from March to a seasonally adjusted $2.82 trillion. That's the 20th straight monthly gain and another record level.

Nearly all of the gain came from a category that includes auto and student loans, which increased $10.4 billion. A measure of credit card use rose $682 million. While that's only a modest gain, it follows a decline of $906 million for the category in March.

Steady gains in borrowing could help boost consumer spending, which accounts for 70 percent of economic activity.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.01% dw 4.03%  
15 Y Fixed Graph 3.12% up 2.97%  
30 Y Fixed Jumbo Graph 4.22% up 4.13%  
5/1 ARM Graph 3.11% up 2.99%  
5/1 Jumbo ARM Graph 3.52% up 3.48%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.67% up 4.32%  
$50K HELOC Graph 4.04% up 3.99%  
$30K Loan Graph 5.00% up 4.99%  
$50K Loan Graph 4.36% -- 4.36%  
$75K Loan Graph 4.36% -- 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.69% dw 2.83%  
36 M Used Graph 3.18% dw 3.36%  
48 M New Graph 3.02% dw 3.15%  
48 M Used Graph 2.91% dw 3.00%  
60 M New Graph 3.06% dw 3.16%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% up 0.38%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.50% dw 1.51%