The amount of money U.S. consumers owe continued to rise in April as Americans took on more debt to pay for big-ticket items such as college and cars.
Total consumer credit outstanding rose $6.5 billion, an annualized 3.1%, according to a report from the Federal Reserve. That followed an increase of $12.4 billion in March.
The increase occurred even as consumers paid down credit card debt. Revolving debt outstanding, which includes mostly credit cards, fell $3.4 billion in April.
At the same time, non-revolving debt, which includes financing for school and cars, increased $10 billion, its largest gain in three months. The Fed report does not include home loans.