U.S. consumer credit rose more than expected in April as Americans maintained a strong pace of credit card usage to fund purchases at a time of high inflation, data showed on Tuesday, Bloomberg News reported. Total consumer credit increased by $38.07 billion after rising by a downwardly revised $47.34 billion in March, the Federal Reserve said. Economists polled by Reuters had expected consumer credit to rise by $35 billion after a previously reported $52.43 billion advance in March. Annual consumer prices are rising at rates last seen 40 years ago, leaving many households scrambling to cover expenses. Revolving credit, which mostly measures credit-card use, increased by $17.78 billion after rising by $25.63 billion in the prior month. The strong credit card usage together with massive savings are helping to keep consumer spending solid even as inflation is eroding wage gains.
