That’s how much consumer borrowing rose in May, the biggest jump in a year, according to the Federal Reserve.
Total consumer credit outstanding was $2.839 trillion in May. Non-revolving debt, a category that includes borrowing for college tuition and the purchase of vehicles, rose by $13 billion to $1.983 trillion. The increase was the biggest since February.
Revolving debt, a category that includes credit cards, rose by $6.6 billion to $865.5 billion, the biggest increase in a year.
“The boost to household wealth from recovering property values and higher stock prices is putting Americans in a position to capitalize on lower interest rates and purchase costlier items, such as cars,” Bloomberg’s Jeanna Smialek reported.
Consumer borrowing rose by $13.1 billion in January, $19.2 billion in February, $8.4 billion in March and $10.9 billion in April. The April figure was revised downward.