Consumer credit balances in April rose by $13.4 billion at a 4.5% annualized rate according to the Federal Reserve’s monthly report.
Economists had estimated that credit balances rose by $18 billion, according to Bloomberg.
Outstanding revolving credit, which includes credit-card purchases, rose at a 2% annual rate to $951.5 billion.
Non-revolving credit — which close once all payments have been made — rose at a 5.4% annual rate to $2.65 trillion.
Student-loan lending by the government continued to swell. Nonrevolving lending to consumers, which consists mostly of student loans, climbed to $989.6 billion on a not seasonally adjusted basis.
The gain in credit balances in March was revised lower to $28.38 billion. At $29.67 billion prior, it was the most since November 2001.