Consumer Credit Up 3.7% in July

Washington, DC, September 10, 2007—Consumer credit in July rose at a 3.7% annual rate, or by $7.5 billion, according to a report from the Federal Reserve.

Consumer credit outstanding rose to $2.46 trillion in July, up from a revised $2.45 trillion in June. In July, revolving debt like credit-card debt rose at a 6.6% annual rate, or by $5 billion.

Credit-card debt rose by a revised 6.4% in June. Non-revolving debt rose at an annual rate of 2% in July after climbing by 5.6% in June.