Americans are continuing to lean on credit cards and loans, as consumer credit surged by $38.1 billion in April to a record of $4.57 trillion amid the highest inflation in 40 years, according to the Federal Reserve.
The Fed said revolving credit rose at a 19.6% rate to a record $1.15 trillion while nonrevolving credit rose 7.1% to $3.5 trillion.
This is the third straight month of gains in consumer borrowing above $30 billion. The Fed’s data does not include mortgage loans, which is the largest category of household debt. Read more.