With a continued increase in non-revolving credit partly offsetting a decrease in revolving credit, the Federal Reserve released a report Wednesday afternoon showing that consumer credit fell by less than economists had expected in the month of July.
The report showed that consumer credit fell by $3.6 billion in July following a revised $1.0 billion decrease in June. Economists had expected credit to decrease by about $5.2 billion compared to the $1.3 billion drop originally reported for the previous month.
Revolving credit, which largely reflects credit card debt, fell by $4.4 billion in July after declining by $5.2 billion in the previous month.
Meanwhile, non-revolving credit, such as car loans, edged up by $0.7 billion in July following a $4.2 billion increase in June.
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