Overall consumer credit – not including real estate loans – nudged up $1 billion in April, but credit card debt registered its 19th-straight month of declines, according to the Federal Reserve.
It was only the second increase in both credit card and non-revolving consumer borrowing in the past 14 months as Americans continue to work on reducing debt.
They are also hesitant to take on new loans as the economy recovery shows signs of possible weakening, including an easing of private-sector job creation.
The overall consumer credit increase for April was a modest one – 0.5 percent, mostly driven by 7.1 percent increase in non-revolving debt, which primarily represents auto and truck loans and personal loans.
Total debt was at $2.440 trillion.
Credit card debt was at $838 billion in May, dropping a hefty 12 percent from the previous month. It has fallen from a peak of $958.1 billion in 2008, before the onset of the financial crisis.
The Fed’s report does not cover real estate secured loans such as mortgages and home equity loans.
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