Consumer Credit Grew Sharply In May

Americans expanded their debt burdens in May at the fastest rate since January, the government said Monday, suggesting that higher financing costs for everything from credit cards to mortgages have done little to deter the American consumer from borrowing and spending.

Consumer credit grew by a seasonally adjusted $11.8 billion in May, according to the Federal Reserve, bringing the annualized growth rate to 9.8%. In April, consumer credit had grown at a revised $8.8 billion, or 7.4% annual pace.

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