Consumer Credit Up $5.4 Billion
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From Reuters
WASHINGTON — Americans buying cars and other big-ticket items took on $5.4 billion more in installment debt than they repaid in May for the second highest increase in debt this year, the Federal Reserve Board said today.
The increase in consumer credit outstanding was the largest since January’s $7.7-billion rise and followed a $4.3-billion gain in April. Household borrowing has been increasing sharply for more than two years.
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