WASHINGTON — Americans increased their borrowing in May at the fastest pace in a year. Borrowing in the category that includes credit cards reached its highest point since the fall of 2010.
Increased borrowing typically means that consumers are feeling more confident.
Americans stepped up their borrowing by $19.6 billion in May compared with April, the Federal Reserve said Monday in its monthly report on consumer credit. That was the biggest jump since a $19.9 billion rise in May 2012.
Total borrowing reached a record $2.84 trillion.
The category that includes credit card use rose $6.6 billion, also the largest gain in a year. Credit card debt reached $847.1 billion, the most since it was $861.9 billion in September 2010. Credit card debt remains about 16 percent below its high of $1.02 trillion in July 2008 — just before the financial crisis erupted.