Consumer Debt Piles Up

Sat., Aug. 6, 1994

From Staff

Despite signs that consumer spending is slowing, Americans are continuing to pile up debt.

The Federal Reserve reported Friday that consumer credit rose in June for the 15th month, climbing at a 15.6 percent annual rate in May.

Borrowing increased $10.9 billion in June after rising $11.5 billion the previous month. The May figure was revised upward from an earlier $10.4 billion estimate.

Analysts said the continued borrowing growth may temper projections that the economy is slowing dramatically.

“There’s a lot of room left for growth in this economy if we can keep the job market going,” said economist Sandra Shaber of the WEFA Group, a Bala Cynwyd, Pa., forecasting service.

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Consumer Debt Piles Up

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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