Consumers Boosted Credit-card Use in April
WASHINGTON, D.C. — Consumers revved up their borrowing in April, with growth in credit-card debt accelerating at the fastest pace in more than 12 years. Overall credit expanded by $26.8 billion during the month, up from $19.5 billion in March, the Federal Reserve said recently. The sizable climb is an encouraging sign for the economy, suggesting that consumers are confident enough to boost purchases by borrowing. The surge included auto and student loans, which rose by $18 billion, and credit-card debt, which was up $8.8 billion. The upward swing on credit-card debt represented a 12.3% gain, the fastest pace since November 2001, when consumers were being urged to spend to bolster the economy following the Sept. 11 terrorist attacks.