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US consumer borrowing increases in April even though borrowing on credit cards slowed sharply

US consumer borrowing increases in April even though borrowing on credit cards slowed sharply

Americans relied a lot less on their credit cards in April. The Federal Reserve says credit card debt that month rose at the slowest pace in nearly three years.
A Fed report Friday said consumer borrowing increased at an annual rate of 4.2 percent in April, down from 6.2 percent in March.
Borrowing in the category that includes credit cards rose at an annual rate of just 0.4 percent. That is the weakest performance since a 1.8 percent decline in May 2005.


Updated : 2021-03-03 08:19 GMT+08:00