Consumer Credit Balances Expand

Mastercard credit card peleREUTERSSoccer legend Pele (L) gestures in front of a huge credit card held by Geoff Bruce, head of Cards Asia Pacific of Hongkong Bank, during the launching ceremony of a World Cup MasterCard card, February 24, 1998.

Consumer credit balances increased by $US19.6 billion in May. This is according to the Federal Reserve’s monthly G.19 report.

This compares to the $US26.1 billion increase in April.

Economists were expecting balances to increase by $US19.6 billion.

Revolving debt, which includes things like credit cards, inceased by $US1.79 billion.

Non-revolving debt, which includes car loans and student loans, climbed by $US17.8 billion.

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