U.S. consumers reduced their borrowing for a third straight month in May as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt. The Federal Reserve reported Wednesday that consumer borrowing declined by $18.3 billion in May, a drop of 5.3%. Borrowing had fallen 4.5% in March and then plunged 20.1% in April. That was the biggest one-month decline in percentage terms since the end of World War II. Borrowing by consumers in the category that covers credit card debt fell $24.3 billion in May following April’s record $58.2 billion decline. Borrowing in the category ... (full story)