Consumer Credit Increased 2.8% in July; Credit Card Debt Growth Slows

Consumer credit in the U.S. increased by $5.5 billion, or 2.8%, in July – the smallest increase in four months and a dramatic drop from the increase in June, the Federal Reserve reported over the weekend.

June saw consumer credit outstanding expand by $14.1 billion, or 7.3%. July’s slowdown was led by a deceleration in credit card debt, which rose by 3.4% in July after gains of 13.2% in June and 13% in May.

Economists had been expecting consumer credit to increase by $6.5 billion in July.

Total consumer credit now stands at $2.35 trillion. The Fed's measure of consumer credit does not include mortgages and other loans secured by property.

 

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