U.S Consumer Credit Jumps More Than Expected April

(RTTNews) - Consumer credit in the U.S. showed another significant increase in the month of April, according to a report released by the Federal Reserve on Friday.

The report said consumer credit surged up by $20.5 billion in April after jumping by an upwardly revised $21.3 billion in March.

Economists had expected credit to climb by about $16.5 billion compared to the $20.5 billion increase originally reported for the previous month.

Revolving credit, which largely reflects credit card debt, increased by $8.6 billion in April after rising by $4.9 billion in March.

Additionally, non-revolving credit such as student loans and car loans climbed by $12 billion in April following a $16.4 billion increase in the previous month.

The Fed also said consumer credit increased by an annual rate of 7.3 percent in April, as revolving credit jumped by 11.6 percent and non-revolving credit rose by 5.8 percent.