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US consumer borrowing rises at slower pace in May

By Josh Boak
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US consumer borrowing rises at slower pace in May

WASHINGTON (AP) — Consumers increased their borrowing at a slower pace in May compared to the prior month.

Overall credit rose by $19.6 billion in May, down from a gain of $26.1 billion in April, the Federal Reserve said Tuesday. The relatively modest increase should help to feed slow but steady economic growth, because consumers rely on debt to pay tuition, buy cars and shop.

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