Consumer Debt Declines as Student Loans Grow
U.S. consumer credit declined in July for the first time in nearly a year. According to a Federal Reserve report, consumer credit declined from June by a seasonally adjusted $3.28 billion to $2.705 trillion. Consumer credit declined at a 1.45% annualized rate during July, its first contraction since a 3.95% decline in August 2011. Nonrevolving credit, which includes student loans and auto financing, increased by a seasonally adjusted $1.55 billion to $1.854 trillion in July. That is 1.0% higher than the previous month.
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