Tepid Increase for Consumer Credit in August

by Patrick Lunsford, CollectionIndustry

The Federal Reserve announced a week ago that consumer credit in the U.S. increased only $5 billion, or about 2.6%, in August. The numbers were largely in-line with analysts’ expectations.

July’s total increase, $8.3 billion, was actually revised up. Consumer credit outstanding stood at $2.352 trillion in at the end of August.

Revolving credit, which includes credit and charge cards, rose by an annual 4.25% rate in August to $846.0 billion. Revolving credit rose at an upwardly revised 4.7% rate during July.

Nonrevolving credit - closed-end loans for cars, boats, education expenses and holidays - rose at a 1.60% annual rate to $1.506 trillion after going up at a 4.1% rate the prior month.

Be the First To Comment

(Please read our comments policy first.)

From:
Show my identity with comment
Your Comment:

Leave this field empty