U.S. consumers are still opening new credit lines, taking out student loans and seeking financing for big ticket items despite reports that many Americans are afraid to spend money in today’s economy, the Wall Street Journal reported.
According to Federal Reserve data, consumer credit grew from April to May by a seasonally adjusted amount of $17.12 billion, reaching a total debt level of $2.573 trillion.
Student loan debt is one of the areas where consumers continue to engage their appetites for credit.
Federal student credit outstanding grew by $6.2 billion in May, reaching a total of $464.9 billion.
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