Consumer Credit Jumps $19.1 Billion In July

Consumer credit grew at a seasonally adjusted annual rate of 6.7%, for a gain of $19.1 billion, in July, the Federal Reserve said Tuesday. Credit growth in June was revised up sharply, to a $27.1 billion gain from the prior estimate of $20.7 billion. In July, credit-card debt rose at a 5.7% rate, down from 10% in the prior month. Non-revolving debt, mainly car and student loans, which has powered credit growth in recent years, expanded at a 7% rate in July, a bit below the 9.4% gain in June.

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