Americans increased their short-term installment debt at an annual rate of 11.6 percent in May, up from a revised 9.4 percent in April, the Federal Reserve Board said Tuesday.
Consumer installment credit outstanding at the end of May increased a seasonally adjusted $5.39 billion from April, to $560.62 billion, following a revised $4.3 billion gain in April, the Fed said in a statistical report.
May`s annual rate of 11.6 percent was the highest since January.
Automobile loans outstanding increased $2.82 billion following a revised $878 million gain in April, the report said. Total auto credits outstanding came to $218.06 billion at the end of May.
Revolving credit expanded by $925 million, to $124.37 billion, following a $1.31 billion expansion in April, the Fed said.
Miscellaneous other credit outstanding rose $1.65 billion, to $192.69 billion, following a revised $2.18 billion rise in April, the Fed said.
Outstanding mobile home loans declined $8 million, to $25.5 billion, following a revised $71 million drop in April.
The relatively high level of consumer debt in relation to personal income, which has risen at a slower pace in recent months, reflects consumer confidence that the economy will continue to expand.
