Total consumer credit rose $23 billion in April, up from a revised $22.8 billion gain in the prior month, the Federal Reserve said yesterday, MarketWatch.com reported. That translates into a 5.71% annual rate, up from a revised 5.69% gain in the prior month. It is the fastest pace of credit growth since November. Revolving credit, like credit cards, rose 13.2% in April, down slightly from a 14.6% gain in the prior month. Nonrevolving credit, typically auto and student loans, rose 3.2%, up from a 3.2% growth rate in the prior month. This category of credit is much less volatile. The Fed’s data does not include mortgage lending, which is the largest category of household debt.
