WASHINGTON (7/8/13, UPDATED: 4:35 p.m. ET)--U.S. consumer credit in May surged by the biggest amount in a year, and borrowing in all areas at credit unions also increased, according to the Federal Reserve's Consumer Credit report released today.
Overall borrowing increased $19.6 billion--following a $10.9 billion gain in April--to reach nearly $2.84 trillion, seasonally adjusted.
Total revolving debt hit $856.5 billion--a $6.6 billion gain from 849.9 billion in April. Total nonrevolving debt--which comprises student and auto loans but not real estate loans--increased $13 billion to nearly $1.93 trillion in May.
At credit unions, members borrowed $252.8 billion in May, up from $251.2 billion in April and $231.2 billion at the end of the second quarter, not seasonally adjusted.
Revolving data show that credit union members borrowed $39.9 billion in May, up from $39.5 billion in April and $37.4 billion at the end of the second quarter.
Nonrevolving debt at credit unions hit $212.9 billion in May, up from $211.8 billion in April and $193.8 billion at the end of the second quarter.