US consumer borrowing rose by $18.1 billion in July — Anadolu Agency
In the United States, outstanding consumer credit increased by $18.1 billion in July, exceeding market expectations. In June, the figure rose by $14.6 billion according to revised data, while analysts had forecast an increase of $11.3 billion in July.
As Anadolu Agency reports, data from the US Federal Reserve show that total consumer credit reached approximately $5.19 trillion. At an annual rate, it increased by 4.2% after 3.4% in June.
Loans for cars and education
Nonrevolving credit, which includes loans for cars, education and other needs, increased by $15.3 billion in July. This was the largest monthly increase in three years. At an annual rate, this segment grew by 4.8%, while the figure stood at 2.5% in June.
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Outstanding nonrevolving credit debt amounted to about $3.83 trillion.
Credit card dynamics
Revolving credit, which includes credit cards, increased by $2.8 billion. Its annual growth rate slowed to 2.5%, compared with 6% in June. Outstanding debt under this type of credit reached nearly $1.36 trillion.
The Federal Reserve's consumer credit report covers most loans extended to individuals but does not include mortgages and other loans secured by real estate.
