Reflecting notable increases in both revolving and non-revolving credit, the Federal Reserve released a report on Monday showing a much bigger than expected jump in U.S. consumer credit in the month of May.
The Fed said consumer credit surged up by $24.6 billion in May after climbing by an upwardly revised $10.3 billion in April.
Economists had expected consumer credit to rise by $12.5 billion compared to the $9.2 billion increase originally reported for the previous month.
The report said revolving credit, which largely reflects credit card debt, climbed by $9.7 billion in May after edging up by $1.1 billion in April.
Non-revolving credit such as student loans and car loans also spiked by $14.8 billion in May following a $9.2 billion increase in the previous month.
Consumer credit jumped by an annual rate of 7.6 percent in May, as revolving credit soared by 11.4 percent and non-revolving credit surged up by 6.2 percent.