The heavy buying of autos on the installment plan during April pushed consumer credit to a record level, the Federal Reserve Board reported. Of the month's increase of $501 million in consumer debt, cars purchased on time accounted for $295 million. Total consumer credit at the end of the month stood at $26.2 billion, about 25% higher than a year ago and half a billion more than the previous high set last December.
...
To continue reading:
or
Log-In
