US consumer credit higher than forecast in April

June 7, 2014 

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.

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