Consumer borrowing in the U.S. rose more than projected in April as Americans boosted credit card use by the most since November 2007.
The $26.8 billion surge in total credit exceeded the highest estimate in a Bloomberg survey and followed a revised $19.5 billion gain in March, Federal Reserve figures showed Friday. Revolving lending, which includes credit cards, jumped $8.8 billion.
More job gains and increases in stock and home values are giving consumers the confidence to borrow after years of paying down debt.
The figures underscore a rise in spending at auto dealers and shopping malls that’s helping the economy rebound from a first-quarter slump.