Consumer Debt in April Rises $8.27 Billion
Americans took on $8.27 billion more in installment debt than they paid off in April, the government reported Friday.
The Federal Reserve Board said the April increase was just slightly less than the $8.34-billion increase recorded from February to March.
Both figures are seasonally adjusted.
Since last April, the total amount of consumer debt outstanding has risen from $400.1 billion to $485.2 billion--a 21.3% increase.
The credit report gave these details:
- Auto loans increased by $3.49 billion in April, up slightly from $3.39 billion in March.
- Cash loans from banks and other short- and medium-term personal debt rose by $2.44 billion, up from $2.33 billion in March.
- Revolving credit, including credit cards, showed an increase of $2.12 billion, down from the $2.6-billion increase recorded in March.