Consumer credit rises, credit card usage less robust

WASHINGTON Fri Jun 7, 2013 3:03pm EDT

WASHINGTON (Reuters)- Consumer credit increased in April but a modest increase in a measure of credit card usage suggested households are still working on reducing their debt load, which could hobble consumer spending growth.

Total consumer installment credit advanced by $11.1 billion to $2.8 trillion, Federal Reserve data showed on Friday. Economists polled by Reuters had expected consumer credit to rise $12 billion in April.

Revolving credit, which mostly measures credit-card use, rebounded $682.3 million, failing to recoup March's $906.4 million decline.

Nonrevolving credit, which includes auto loans as well as student loans made by the government, increased $10.4 billion in April. That followed a $9.3 billion increase in March.

Analysts say credit growth is being mainly driven by student loans.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

Recommended Newsletters

Reuters U.S. Top News
A quick-fix on the day's news published with Reuters videos and award-winning news photography and delivered at your choice of one of four times during the day.
Reuters Deals Today
The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.
Reuters Technology Report
Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents.