Sign in to comment!

Menu
Home

Economy

US consumer borrowing up $19.6 billion; credit card debt reaches highest point since 2010

Americans increased their borrowing in May at the fastest pace in a year. Borrowing in the category that includes credit cards reached its highest point since the fall of 2010.

Increased borrowing can be a sign that consumers are feeling more confident.

The Federal Reserve says consumers increased their borrowing by $19.6 billion in May compared with April. That was the biggest jump since a $19.9 billion increase in May 2012.

Total borrowing reached a record $2.84 trillion.

The category that includes credit card use rose $6.6 billion, also the largest gain in a year. Credit card debt reached $847.1 billion, the highest level since September 2010 but still below the 2008 peak.

Borrowing on autos and student loans increased $13 billion.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.22% up 4.18%  
15 Y Fixed Graph 3.19% dw 3.20%  
30 Y Fixed Jumbo Graph 4.37% up 4.29%  
5/1 ARM Graph 3.30% dw 3.31%  
5/1 Jumbo ARM Graph 3.36% up 3.28%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.38% dw 4.54%  
$50K HELOC Graph 4.06% dw 4.09%  
$30K Loan Graph 5.07% dw 5.08%  
$50K Loan Graph 4.55% dw 4.56%  
$75K Loan Graph 4.55% dw 4.56%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 3.06% -- 3.06%  
36 M Used Graph 3.29% -- 3.29%  
48 M New Graph 3.05% up 2.96%  
48 M Used Graph 2.88% dw 2.96%  
60 M New Graph 3.08% dw 3.21%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.36% -- 0.36%  
1 yr Graph 0.60% -- 0.60%  
5 yr Graph 1.45% up 1.44%