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Revolving debt such as credit cards decreased by $5.41 billion in March, according to the Fed’s statistics. Non- revolving debt, including auto loans and mobile-home loans, fell by $5.69 billion. The Fed’s report doesn’t cover borrowing secured by real estate.

Auto sales declined 37 percent in March from a year earlier, according to industry statistics. Sales incentives reached an average $3,169 for each vehicle sold in March, according to pricing monitor Edmunds.com, a 30 percent increase from a year earlier.

Even after signs that housing and manufacturing, two of the hardest-hit industries during the recession, were stabilizing, banks remained skittish about extending credit.

Fed Survey

The Fed’s quarterly survey of senior loan officers released on May 4 showed a larger share of banks reported tightening terms on residential mortgages compared with the previous survey, even as more domestic respondents saw increased demand for prime mortgages.

That survey indicated most banks anticipate loan delinquencies and losses to increase this year, and that more banks also made it tougher for consumers to get credit-card loans in the past three months.

Capital One Financial Corp., based in McLean, Virginia, said U.S. credit card charge-offs, or loans deemed uncollectible, reached 8.4 percent in the first quarter, exceeding an estimate given late last year.

Economic figures in the past two weeks have shown smaller declines in U.S. house prices and a stabilization in sales, a jump in consumer confidence and the smallest contraction in manufacturing in seven months. The number of jobless claims in the U.S. unexpectedly fell last week to a three-month low, the Labor Department said today.

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