Use of Credit Stable: Americans took out...

Use of Credit Stable: Americans took out $5.37 billion more in consumer debt than they paid off in March, roughly matching February’s rate of growth despite a big dropoff in borrowing for cars, the government reported. The Federal Reserve Board said consumer credit increased at a seasonally adjusted annual rate of 9.4% in March, off slightly from the revised 9.5% pace of advance in February. For all of 1988, consumer credit increased 8.5%. Consumer spending is closely monitored as a gauge of the economy’s health because it represents two-thirds of all economic activity.