Consumer borrowing increases 6% in April as credit card spending and auto loans jump

Consumer credit increased at an annual rate of 5.9% in April, following a tiny 0.8% increase in March, according to the Federal Reserve report Wednesday. 

The 5.9% increase for overall borrowing was the biggest gain since the 6.8% increase rate in June 2005. 

$13.04 trillion

 US GDP in first quarter 2006

  • Total consumer credit now stands at a record $2.17 trillion, following the $10.6 billion increase in April. (The Fed's measurement of consumer credit does not include mortgages and other loans secured by real estate.)
  • Consumer borrowing on credit cards and other types of revolving loans rose at an annual rate of 4.5% or $3 billion.
  • Consumer borrowing for auto loans and other types of non-revolving credit rose at 6.7% or $7.6 billion. 
  • Consumer spending accounts for two-thirds of total economic activity at over $9 trillion annual rate in 1Q 2006. 

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