Wednesday, August 7, 2013

Consumer Credit Grew by $13.8 Billion in June

Consumer credit grew by $13.8 billion in June, a slower pace from May's revised downward pace of $17.5 billion, but slightly above the 6 month average of $13.7 billion. The decline in consumer credit was driven solely by revolving credit, which shrank in June.

Revolving credit, consisting primarily of credit card balances, declined by $2.7 billion, a 3.7% decrease from the previous month. Revolving credit continues its volatile trend.

Non-revolving credit grew for the 22nd consecutive month, rising $16.5 billion in June, a 10.5% increase from the previous month and well above the 6-month average of $12.2 billion.

Read the Federal Reserve release.

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