US consumer borrowing increased $20.5 billion in April, helped by big gain in credit cards
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Consumer borrowing surged again in April, helped by the largest gain in credit card borrowing in a year.
The Federal Reserve says consumer borrowing expanded by $20.5 billion in April, down only slightly from a gain of $21.3 billion in March which was the biggest increase in eight months. The strong gains pushed consumer credit to a fresh record of $3.38 trillion.
Borrowing in the category that includes credit cards jumped by $8.6 billion, the largest rise in 12 months. Borrowing in the category that covers auto and student loans advanced a solid $11.9 billion, after an even bigger $16.5 billion increase in March.
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Economists expect consumers, who have seen strong job gains over the past year, will keep borrowing and spending in coming months, helping to boost overall economic growth.