Consumer credit dropped in April

WASHINGTON, June 5 (UPI) -- Revolving credit among U.S. consumers fell at an annual rate of 11 percent in April, the Federal Reserve Bank said Friday.

Revolving credit, most of it made up of credit card borrowing and home equity loans, fell to $931 billion in the month, down from $939.6 billion in March and $948.4 billion in February.

Non-revolving credit, generally long-term loans such as student loans, car loans and mortgages, dropped to $1.59 trillion in April from $1.6 trillion in March, the Fed said.

Total consumer credit fell at an annual rate of 7.5 percent in the month, dropping for the third consecutive month.