U.S. Consumer Credit Rose by $19.6 Billion in May

Elise Amendola/AP WASHINGTON -- U.S. consumer credit rose in May, a sign that easy monetary policy was providing substantial support for the economy. Total consumer credit increased by $19.6 billion to $3.19 trillion, the Federal Reserve said on Tuesday. That meant consumer debt was growing at a 7.4 percent annual rate. Analysts polled by Reuters expected an increase of $20 billion in the month. Non-revolving credit, which includes auto loans as well as student loans made by the government, drove the increase, rising by $17.8 billion. Revolving credit, which mostly measures credit card use, increased by $1.8 billion.