US Consumer Debt Rises at Slower Pace on Drop in Card Balances
A customer uses a smartphone to pay for a purchase in Seattle.
Photographer: SeongJoon Cho/BloombergUS consumer borrowing increased in May at the slowest pace in three months on a pullback in credit card and other revolving debt outstanding.
Total credit outstanding rose $5.1 billion after a revised $16.9 billion gain in April, according to Federal Reserve data out Tuesday. The median projection in a Bloomberg survey of economists called for a $10.5 billion rise.