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US consumers step up borrowing at healthy pace in May

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July 11, 2019
US consumers step up borrowing at healthy pace in May
U.S. consumers borrowed more on their credit cards in May and also took out more student and auto loans, a modest sign of economic health. The Federal Reserve said Monday that consumer borrowing increased 5% that month, just below April's 5.2% rise. Total outstanding consumer debt, which excludes mortgages, stood at nearly $4.1 trillion in May.