Consumer credit rises 4.4% in July by Elaine360

2012_03_wilshireConsumer credit rose $10.4 billion in July to a seasonally adjusted $2.85 trillion, posting an annual growth rate of 4.4%, the Federal Reserve reported Monday. Revolving credit, which is mostly made up of credit card loans, fell for a second month, declining at an annual rate of 2.6% in July, compared with a drop of 5.2% in June. Meanwhile, nonrevolving credit, which covers loans for education and cars, among other areas, rose at an annual rate of 7.4% in July, down from 9.5% in June. Nonrevolving credit has grown every month since August 2011. Also Monday, the Fed revised June’s overall increase in consumer credit to $11.9 billion, compared with a prior estimate of $13.8 billion.

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