Consumer credit grows less than expected in April

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Consumer credit increased by $9.3 billion in April to $3.883 trillion, the Federal Reserve reported Thursday.

In March, consumer credit rose a revised $12.3 billion to $3.873 trillion

Economists polled by IFR Markets predicted a $14 billion increase in the month.

Revolving credit outstanding in April grew $2.3 billion to $1.031 trillion from $1.029 trillion the previous month.

Non-revolving credit rose $7.0 billion to $2.852 trillion from $2.845 trillion.

Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.

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