Consumer credit drops slightly

Posted on Sep 11, 2012 in Business | 0 comments

Consumer borrowing dropped 1.5 percent in July after climbing 5.3 percent in June, the U.S. Federal Reserve said Monday.

The Fed said non-revolving credit, which includes auto loans, personal loans and student loans, rose 1 percent to $1.849 trillion in July. Revolving credit, which includes lines of credit and credit cards, fell 6.8 percent to $815 billion, the Fed said.

Copyright 2012 by United Press International