Credit Spending, Auto Loans Up in April

It was game on for lenders in April, putting paid to the idea of that mid-spring month being the cruelest. Americans increased their borrowing, as both credit card spending and ? ironically in this time of out-of-control gas prices ? auto loans saw pretty significant jumps. The Washington Post is covering the story.

The Federal Reserve reported Wednesday that consumer borrowing rose at an annual rate of 5.9 percent in April, a significant increase from a tiny 0.8 percent gain in March. The 5.9 percent rate of increase for overall borrowing was the biggest gain since borrowing rose at a 6.8 percent rate in June of last year.

The Fed’s measurement of consumer credit does not include mortgages and other loans secured by real estate.

You can read more about this story at Credit Spending, Auto Loans Up in April.