SYF - Consumers take on more debt in May Federal Reserve numbers show

bernie_photo/iStock via Getty Images After dropping for most of the pandemic, consumers may be feeling comfortable enough to add to their credit card debt. Revolving consumer credit increased to $974.6B in May from $965.4B in April and $966.4B in March, according to the Federal Reserve's Consumer Credit report. In total, consumer credit increased at a seasonally adjusted annual rate of 10% in May, with revolving credit increasing at an annual rate of 11.4% and non-revolving credit rising at an annual rate of 9.5%. Revolving credit includes credit card debt, while nonrevolving includes auto and student loans. Mortgage debt isn't included in this report. Nonrevolving credit increased to $3.30T in May vs. $3.28T in April. The consumer credit total for May increased $35.3B from April, more than the $18.5B increase expected. Total consumer credit outstanding was $4.28T in May vs. $4.24T in April. Still, credit card issuers' stocks remain under pressure

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Consumers take on more debt in May, Federal Reserve numbers show