US consumer borrowing slows down

US shoppers seem to be taking time out to pay off their debts

US consumer borrowing has grown at its slowest rate in six months during April, Federal Reserve figures show.

Consumer borrowing rose at an annual rate of 1.3%, compared with 7% in March, the Federal Reserve said.

Some analysts said that the figures showed that many US consumers were paying off their credit cards for the first time in more than a year.

There have been concerns that higher interest rates would see consumers rein in spending, slowing economic growth.

Consumers account for two-thirds of US economic growth.