Consumer credit up at 3.1% annual rate in April (by Greg Robb)

WASHINGTON (MarketWatch) - U.S. consumers increased their debt by a seasonally adjusted 3.1% annual rate in April, the seventh straight monthly gain, the Federal Reserve reported Tuesday. Total consumer debt increased $6.25 billion to $2.43 trillion in April. The gain was larger than Wall Street economists had expected. Consumer credit debt for March was revised down to a $4.82 billion increase compared with the initial estimate of a $6.0 billion rise. The increase in debt in April came despite a drop in credit card debt, which fell $943.52 million or at a 1.4% annual rate after a slim $36.70 million gain in March. Non-revolving credit, such as auto loans, personal loans and student loans, rose $7.20 billion, or at a 5.3% rate after a $4.78 billion rise in March.