Bloomberg News |
Posted May 7, 2006
Borrowing by consumers rose in March at the slowest pace in four months as Americans charged less on their credit cards.
Consumer credit, or non-mortgage loans to individuals, increased $2.5 billion, or at an annual rate of 1.4 percent, to $2.161 trillion in March, the Federal Reserve said in Washington, D.C. The increase was the smallest since last November, when consumer credit declined. In February, consumer debt increased by $4.5 billion.
Americans may be reluctant to spend on big-ticket items including automobiles as interest rates and gasoline costs rise, economists said. Homeowners may be relying more on home-equity borrowing, which is not tracked by the Fed's report, to finance spending.
Source: Orlando Sentinel - Orlando,FL,USA
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