US consumer borrowing up $24 billion in May

Friday, July 6, 2018, Vol. 42, No. 27

WASHINGTON (AP) — Americans increased their borrowing in May at the fastest pace in a year and a half, boosted by a big increase in credit card borrowing.

The Federal Reserve says consumer debt rose $24.5 billion in May after an increase of $10 billion in April. It was the biggest monthly increase since a rise of $24.8 billion in November 2016.

The category that includes credit cards climbed $16.3 billion in May after increasing by $5 billion in April.