Washington, DC, July 11, 2006--Consumers credit outstanding rose by an unexpected 2.4%, or $4.4 billion in May to $2.173 trillion, according to the Federal Reserve.
Credit cards and other forms of revolving debt increased the overall number. Consumers added $6.7 billion in revolving debt in May, up 10% from the prior month to a total of $812 billion.
Nonrevolving debt like automobile loans, meanwhile, fell by 2%, or $2.2 billion, to $1.36 trillion.
The consumer credit data beat analysts' predictions. Economists were expecting consumer credit to rise by $3.4 billion.
In April, consumers took out a revised $9.3 billion, a 5.2% climb. They were previously estimated to have borrowed an extra $10.6 billion in April.
Revolving credit was revised to rise by $1.9 billion, or 3%, in April, down from a previously estimated $3.0 billion.
Nonrevolving credit was revised slightly lower in April, to rise by $7.4 billion, or 6.5%. It was previously estimated to climb $7.6 billion, or 6.7%.
