Total consumer borrowing rose in July, as Americans increased purchases of new vehicles and borrowed for college tuition for the second month in a row, the Fed's latest credit report shows.
By the numbers: Outstanding consumer credit increased by $12.3 billion in July from the month before, a 3.6% increase. Credit rose at a revised 3.3% annual rate in June.
- The use of credit has risen for the past two months after declining from March through May, and sinking by 6.6% in the second quarter, including a 30.8% fall in revolving credit, which follows credit cards and similar consumer credit lines.
Yes, but: Revolving credit continued to fall, down 0.4% in July after a 2.2% decline in June and a 27.9% decline in May, as consumers continued to hold back on credit spending.
