WASHINGTON — Americans increased their short-term installment debt by 11.6% at an annual rate in May, up from a revised 9.4% in April, the Federal Reserve Board said Tuesday.
Consumer installment credit outstanding at the end of May increased by a seasonally adjusted $5.39 billion from the previous month to $560.62 billion, following a revised 4.3% gain in April, the Fed said in a statistical report.
Extended for 12 months, the annual rate of change was 11.6%, the highest since January of this year.
Automobile loans outstanding increased $2.82 billion, following a revised $878-million gain in April, the report said. Total auto credits outstanding came to $218.06 billion at the end of May.
Revolving credit expanded by $925 million to $124.37 billion, following a $1.31-billion expansion in April, the Fed said.
Miscellaneous other credit outstanding rose $1.65 billion to $192.69 billion, following a revised $2.18-billion rise in April, the Fed said. Outstanding mobile home loans declined $8 million to $25.5 billion, following a revised $71-million drop in April.