According to the latest figures released, the total consumer instalment credit in the American economy rose by about $19.6 billion to $2.8 trillion during the month of May as consumers looked to take advantage of the low interest rates.

Data from the Federal Reserve showed that consumer credit rose by $19.6 billion during the month, which is higher than $12.5 billion expected by economists in a Reuters poll. The data also showed that the debts grew for non-revolving credit, which includes loans for cars and college tuition, as well as for revolving facilities like credit cards. Total non-revolving credit increased $13.0 billion during the month while credit jumped by $6.6 billion in May.

The rise of $19.6 billion during the month is the highest rise in a month since May 2012. The data does not include the borrowing for the housing market, which has also risen significantly on indications that the Federal Reserve will start rolling back its stimulus package this year. Analysts say that a rise in interest rates could hurt the recovery in the US economy as consumers might shy away from borrowing.