Consumer credit increases in July

Consumer credit increased at a seasonally adjusted annual rate of 6.2% in the second quarter and 14.6% in July. Total outstanding credit increased $21.7 billion during the month to $4.603.7 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 11.6% to $1,097.8 trillion in July. Non-revolving credit rose at a 4.4% annual rate, and total non-revolving credit is now 3,507.5 trillion.

Depository institutions and finance companies are secondary and tertiary holders of non-revolving credit, with 26.4% and 16%, respectively, of outstanding non-revolving credit.

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