The amount of credit carried by consumers in the U.S. rose to a total of more than $2.48 trillion in April, up 3.1 percent from the more than $2.42 trillion observed at the end of March, according to the latest monthly statistics from the Federal Reserve Board. This change came despite the second drop in the amount of credit card debt in the last three months.
Revolving credit—the type most commonly associated with credit cards—slipped to $790.1 billion, down from the previous month’s total of $791.1 billion, the report said. While credit card use rose very slightly in March, it also declined in February, and is currently down 3.1 percent from the total observed at the end of 2010.
Meanwhile, nonrevolving credit—or installment loans—rose 5.3 percent to nearly $1.64 trillion, up from the more than $1.63 trillion at the end of March, the report said. This is also up 4.7 percent from the less than $1.61 trillion seen at the end of last year.
Continual declines in credit card debt likely came because of charge offs, which are declining but still higher than historical averages in some cases.
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