-->U.S. consumer credit increases $7.3 billion By Rex Nutting
WASHINGTON (CBS.MW) -- The outstanding debt of U.S. consumers rose by $7.3 billion to $1.76 trillion in May, the Federal Reserve said Tuesday. Total credit, excluding loans backed by real estate, climbed at a 5 percent annual pace in May after growing at a revised 5.4 percent pace in April. Credit card debt grew at a 5.3 percent pace, the fastest pace in four months. Meanwhile, non-revolving credit such as auto loans grew at a 4.9 percent pace. Most of the growth was from credit granted by finance companies as opposed to banks, credit unions or pools of securitized assets.