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Total consumer credit excluding real estate loans stood at $1.76 trillion in May.
Total consumer credit rose a seasonally adjusted $9.3 billion in April for an annual growth rate of 7.8percentt.
The overall increase in credit of $5.16 billion, slightly below expectations, pushed total consumer credit to a record $2.539 trillion.
Total consumer credit outstanding rose $12.8 billion in January, to a seasonally adjusted $1.7 trillion, the Fed said.
Combined, total consumer credit equaled $2.41 trillion, a slight 0.7 percent above a three-year low hit in September.
May's pace of borrowing was less than half the pace in April, when total consumer credit rose at a revised 10.5percentt rate, or $13.7 billion.
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However for a culture consumed by debt -- there was $2.5 trillion total outstanding consumer credit in the United States in April, according to the Federal Reserve -- these kinds of apps and programs could be a tiny steps in the right direction to make saving more prevalent.
For a nation overwhelmed by consumer debt -- there was $2.5 trillion total outstanding consumer credit in March, according to the Federal Reserve -- this may be a hopeful sign that saving is as tempting as spending.
So the downward march in the personal savings rate is closely linked to the upward march in total consumer debt (mortgage, credit card, auto, etc). in relation to disposable income (see chart below).
But Korea is a potential bonanza, with consumer credit totaling 52% of GDP (including mortgages), according to a report by Morgan Stanley.
Total consumer debt -- including mortgages, credit cards and student loans -- is now down by 8.2percentt from its peak in the third quarter of 2008.
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