Consumer Credit Up $20.7 Billion In June

Consumer credit grew at a seasonally adjusted annual rate of 7.3%, for a gain of $20.7 billion in June, the Federal Reserve said Friday. This is the third monthly gain above 7% in the past four months, a trend economists say is encouraging for the health of the economy. Credit-card debt rose at a 7.3% rate in June, up from a 2.1% rate in the prior month. Non-revolving debt, mainly car and student loans, which has powered credit growth in recent years, expanded at a 7.3% rate in June, just a bit higher than the 7.2% gain in May.