WASHINGTON — Consumer borrowing posted a hefty increase in May, reflecting the biggest jump in credit card debt in six months.
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The Federal Reserve reported Monday that consumer credit rose at an annual rate of 6.4 percent in May, far above the small 1.1 percent gain of April.
The increase was propelled by a surge in the category that includes credit cards.
The jump in credit card debt was the largest since a 14.5 percent rate of increase in November.
The Associated Press
