The Thursday-released statistics by the Federal Reserve are a clear indication that the US consumers are still wary of taking on additional credit, due to the persisting concerns about the pace of economic growth in the country.

As per the data released, US consumer borrowing in May fell more than the estimates – with the $223.7 billion outstanding consumer credit figures for the month being lower than the revised April figures of $224.8 billion. On the whole, outstanding consumer credit in May dropped to $2,400 trillion, from April’s $2,407 trillion.

The Fed statistics show that while revolving debt, which includes credit cards, fell by $7.3 billion in May; non-revolving debt, which includes loans for cars and mobile homes, dropped by almost by $1.8 billion in the same month.

After their last-month policy meeting, the Fed officials said that the collapse of the housing market has forced banks also to continue with their restricted lending. With Americans paying down debt, consumer spending – which comprises 70 percent of the economy - will likely remain restrained.

Noting that “Credit card debt continues to be paid down at a heady pace,” Joseph LaVorgna, chief US economist at New York’s Deutsche Bank Securities, said in a note to clients: “The trend in consumer deleveraging is clear as credit has declined 11 of the last 13 months.”