Consumer Credit Rises Sharply On Revolving Credit

Consumers ran up credit-card debt very sharply in May driving up total credit by $24.6 billion which tops Econoday's consensus range by $2 billion. Revolving credit, where prior gains have been subdued, rose $9.8 billion for the biggest increase since November last year. Nonrevolving credit, which tracks both vehicle financing as well as student loans, rose an intrend $14.8 billion in the month. The rise in revolving credit may not be a plus for household wealth but it is a plus for consumer spending which has been moderate so far this year.