U.S. Consumer Borrowing Hits Fresh Record in July
U.S. consumer borrowing climbed to a fresh record in July.
The Federal Reserve says consumer borrowing rose by $19.1 billion in July, pushing the total to a record $3.45 trillion. This followed an even larger $27 billion increase in June, the biggest one-month gain in credit since November 2001. The June increase was revised up significantly from an initial estimate of $20.7 billion.
In July, borrowing in the category that includes auto and student loans rose $14.8 billion, while the category for consumer card debt expanded $4.3 billion.
The Fed’s monthly report on credit does not cover home mortgages or other loans secured by real estate such as home equity loans.
To Read The Full Story
Become a Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Become a Print + Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Renew Print + Web Subscription
Click “Renew Subscription” below to begin the process of renewing your subscription.
Are you already a subscriber?
Click "Sign In" to log in!
