Total borrowing rose to a seasonally adjusted $2.55 trillion. That was slightly below the all-time high of $2.58 trillion reached in July 2008, eight months after the Great Recession began.
Consumers had begun to use credit cards more often at the start of the year, which coincided with solid job gains this winter. But hiring slowed sharply in April and May, which may have forced some to cut back on using their plastic.
Employers added just 69,000 jobs in May, the fewest in a year, and just 77,000 jobs in April.
The economy added 252,000 jobs a month from December through February. Since then, job growth has slowed to a lackluster 96,000 a month.
More borrowing is generally viewed as a healthy sign for the economy. It suggests consumers are gaining confidence and growing more comfortable taking on debt.
But if consumers are cutting back on credit card debt, it may suggest they are worried about the economy.
Consumer spending grew in the first three months of the year at the fastest pace since late 2010. Consumer spending accounts for 70 percent of economic activity.
Still, most U.S. households are spending more while saving less. They saved just 3.6 percent of their after-tax income in the January-March quarter, down from 4.2 percent in the October-December quarter.
Another reason for the increased borrowing has been people having trouble finding jobs and deciding to go back to school. Student loan debt has been rising sharply.
Households began borrowing less and saving more when the recession began and unemployment surged. While the expectation is that consumers are ready to resume borrowing, they are not expected to load up on debt the way they did during the housing boom of the last decade.
The Federal Reserve's borrowing report covers auto loans, student loans and credit cards. It excludes mortgages, home equity loans and other loans tied to real estate.