Consumer credit balances rose by $13.4 billion in April, a 4.5% annualized rate, according to the Federal Reserve's monthly report.
Economists had estimated that credit balances rose by $18 billion, according to Bloomberg.
Revolving credit, which includes credit-card purchases, rose at a 2% annual rate to $951.5 billion. Non-revolving credit rose at a 5.5% annual rate to $2.65 trillion.
Student-loan lending by the Federal government continued to swell. Nonrevolving lending to consumers, which consists mostly of student loans, climbed to $989.6 billion on a not seasonally adjusted basis.
The gain in March was revised lower to $28.38 billion. At $29.67 billion prior, it was the most since November 2001.