By Ovunc Kutlu
ISTANBUL (AA) - Consumer credit in the US increased by $23 billion in April to reach almost $4.86 trillion, according to Federal Reserve data released on Wednesday.
The figure came in higher than the market expectation of a $22 billion increase.
Consumer credit in March was revised down to a $22.9 billion gain from $26.5 billion.
The April figure is a 5.7% increase compared to the same month last year, following another 5.7% annual gain in March.
Revolving credit, mostly credit cards, jumped 13.1% in April after soaring 14.6% the month before.
Nonrevolving credit, mainly auto and student loans, was up 3.2% in April after increasing 2.7% in March.