Consumer Credit Up $17.1B

The Federal Reserve reports that consumer credit in May shot up $17.1B. This was far above expectations of $8.5B.

Consumer credit increased at an annual rate of 8 percent in May. Revolving credit increased at an annual rate of 11-1/4 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent.

After a slump during the recent recession, consumers are racking up debt again. Revolving credit has started catching up to all the gains nonrevolving credit has made in the last 2 years.