Monday, September 8, 2014

Consumer Credit Posted Record Gains in July

Consumer credit increased $26.0 billion in July, a new monthly record. July saw a 9.7% annualized gain, the largest monthly annualized gain since 2011. July’s gains continue to be largely driven by non-revolving credit.

Revolving credit grew $5.4 billion. It’s well above the $1.8 billion growth from the month prior. Non-revolving credit grew by $20.6 billion, as consumers continue to finance large ticket items. The spike in consumer credit reveals that consumers are increasingly comfortable taking on higher debt levels.

Read the Federal Reserve release.

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