U.S. consumers step up credit card use

Consumer borrowing rose by $17.1 billion in May

advertisement | advertise on newsday

Consumer borrowing rose by $17.1 billion in May from April, the Federal Reserve said. (Credit: AP, 2012)

U.S. consumers put more on their credit cards in May than in any single month since shortly before the nation began sliding into what is now known as the Great Recession began.

But overall credit card use is still well below where it was just before the downturn. Economists say May's increase was likely a temporary response to weaker hiring and poor wage growth and not a sign of sustained...

Continue Reading

Already a Newsday or Optimum customer ?

Get unlimited digital access $1 for 4 Weeks

$0.99/Week Thereafter

Get the Biz Briefing newsletter!

The latest LI business news in your inbox daily.

Sign up

By clicking Sign up, you agree to our privacy policy.


Newsday.com now uses Facebook for our comment boards. Please read our guidelines and connect your Facebook account to comment.

By using this site, you agree to our Privacy policy.