Consumer credit rose $17.1 billion in May. This ninth consecutive month of growth was fueled by the largest one-month gain in revolving credit since 2007. Consumer credit grew at an annualized rate of 8% and is close to prerecession levels. On the other hand, revolving credit remains below prerecession levels despite the large gain in May.
The demand for auto loans, student loans, and other types of nonrevolving credit increased at a 6.5% annual rate, or $9.1 billion.
Revolving credit, the borrowing category including credit cards, rose at an 11.2% annual rate, or $8 billion.
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