Car and boat loans drop in May, total borrowing up.

The Federal Reserve reports that consumer borrowing was up again in May, but not by as much as it grew in April. Total credit was up $4.4 billion to $2.17 trillion. Revolving credit, mostly credit card debt grew by $6,7 billion to a $812.5 billion.

While consumers were borrowing more in total, they decided to cut back on so-called nonrevolving credit, such as car loans and boat loans. Higher interest rates and higher gas prices probably had a lot to do with this change.

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