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Consumer Credit Increased At 8% In May 2012

The Federal Reserve reports that,

"Consumer credit increased at an annual rate of 8 percent in May. Revolving credit increased at an annual rate of 11-1/4 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent."

Total outstanding consumer credit rose from $2,555.7 billion to $2,572.8 billion for the period from April to May 2012. The rate charged for a 48-month car loan dropped to 4.87% from 5.07% in the first quarter.