U.S. Consumer Credit Up 2.4% in May, Credit Cards Up 10%

What?s the best way to prepare for the upcoming financial crisis? If you?re an American consumer, it?s probably to take on more debt. Like, say, $4.4 billion more in debt in May, according to a MarketWatch story.

Overall consumer debt jumped up by 2.4% in May to $2.173 trillion. The culprit? Rising credit card debt, due in part to astronomical fuel prices as well as skyrocketing housing costs. Revolving credit — like credit cards ? expanded by a whopping 10% in May. That?s an additional $6.7 billion in outstanding revolving debt to bring the standing total to $812 billion. Non-revolving debt actually fell 2% in May.

The increase in consumer credit was about $1 billion more than economists were expecting. In a survey conducted by MarketWatch, analysts expected a credit expansion of $3.4 billion for May.