U.S. consumer debt continued to climb at a steady pace in May, growing just slightly less than the prior month.
Total outstanding credit rose $17.1 billion in May, according to recently released data from the Federal Reserve, reaching $4.087 trillion. In April, total outstanding debt grew $17.5 billion.
Total revolving debt, which includes credit card debt, grew $7.2 billion in May, which just slightly outpaced revolving debt growth in April. Non-revolving debt, which includes school and auto loans, grew slightly less than $10 billion, however, which is its slowest increase since June of 2018 following a $10.5 billion gain in April.
Banks, the number one holder of consumer debt, made gains in the amount of total debt they hold, adding about $18 billion in the month of May, while credit unions saw a slight dip, dropping about $1.3 billion in debt during the month.