June 7, 2013 / 7:04 PM / in 4 years

Consumer credit rises, credit card usage less robust

1 Min Read

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

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