Washington, DC, June 7, 2006--Consumers took on an extra $10.6 billion in debt in April, the most in 10 months, the Federal Reserve reported Wednesday.
Total outstanding consumer credit in April rose by 5.9% to $2.170 trillion, the Fed said.
Revolving debt like that on credit cards rose by $3 billion, the most in seven months, the Fed said.
Nonrevolving debt like automobile loans, rose by $7.6 billion, or 6.7%, the central bank reported.
March's total consumer credit was revised lower, rising by $1.4 billion versus a previously estimated $2.52 billion.
The consumer credit figure was far above economists' expectations. Analysts surveyed by MarketWatch were expecting consumer credit to rise by $3.9 billion.
Revolving debt was revised much lower in March, falling by $1.5 billion versus the previously reported drop of $141 million.
Nonrevolving debt was revised upward, to gain $2.9 billion, or 2.6%. Earlier, the Fed said consumers borrowed $2.66 billion more in March.
