consumer credit rose modestly in April but remained depressed as Americans shied away from taking on new debt amid high

The Federal Reserve said on Monday total outstanding credit to U.S. consumers, everything from car loans to credit card accounts, rose by $955 million during April to $2.44 trillion, only the second rise in the last fifteen months.

Consumer credit peaked in July 2008, just before a worsening of the credit crisis brought down financial giants like Lehman Brothers and American International Group Inc.

Analysts polled by Reuters had forecast a more subdued increase of $200 million for April.

The headline figure masked a sharp divergence between revolving credit, mainly credit cards, and non-revolving loans, contracts for items such as cars, boats, college education and holidays.

source www.reuters.com/finance/smallBusiness