The Federal Reserve released figures yesterday showing that consumer debt increased $24.5 billion in May after an increase of $10 billion in April, the Associated Press reported. 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. The hefty gain in consumer credit in May pushed borrowing to a total $3.90 trillion on a seasonally-adjusted basis. The Fed’s monthly borrowing report does not include mortgages or any other debt secured by real estate, such as home equity lines of credit.
