U.S. consumer borrowing decelerated in June, according to new data from the Federal Reserve.
Outstanding consumer credit, a measure of debt not related to real estate, rose by $12.4 billion in June from the prior month, climbing at a 3.87% seasonally adjusted annual rate, the Fed said Monday. Total outstanding credit had increased a revised $18.28 billion in May.
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Economists surveyed by The Wall Street Journal expected a $15 billion increase in June.
Revolving credit outstanding, mostly credit cards, increased at a 4.9% annual pace in June. Nonrevolving credit outstanding, mainly student and auto loans, rose at a 3.5% annual pace.
Credit card losses are mounting. The average net charge-off rate for large U.S. card issuers, which is the percentage of outstanding debt that issuers write off as a loss, increased to 3.29% in the second quarter, its highest level in four years, according to Fitch Ratings.
The Federal Reserve's latest report on consumer credit can be accessed at:
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(END) Dow Jones Newswires
August 07, 2017 15:25 ET (19:25 GMT)