Consumer borrowing decreased by $3.2 billion in May to a seasonally adjusted $2.519.6 trillion from $2.522.9 trillion in April, the Federal Reserve reported yesterday.
The April decrease was revised to an $16.5 billion fall from the $15.7 billion drop previously reported.
Revolving credit fell to $928.0 billion from $930.9 billion in April, while non-revolving credit fell to $1.591.6 trillion from $1.592.0 trillion. Non revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations. Thomson Reuters had projected a $10.0 billion slip in credit.