WASHINGTON - Consumer credit increased by $17.1 billion, or 8.0%, in May to $2.572.8 trillion, the Federal Reserve reported Monday.

In April, consumer credit rose a revised $10 billion, or 4.7%, to $2.544 trillion.

Revolving credit rose to $870.2 billion in May from $862.2 billion in April, and non-revolving credit rose to $1.702.6 trillion from $1.693.5 trillion.

The increase was twice the $8.5 billion rise projected by economists polled by Thomson Reuters.

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

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.