Pace of Consumer Borrowing Slows in June
Credit card debt and student loans decline from May’s findings by the Federal Reserve.
8/9/2018 10:00 AM
Credit card debt declined slightly in June, causing the pace of borrowing to slow as well, the Associated Press reports based on the latest data from the Federal Reserve.
“The Federal Reserve said Tuesday that consumer debt rose a seasonally adjusted $10.2 billion in June from the prior month to a total of $3.91 trillion,” according to the article. “Consumer borrowing increased at an annual rate of 3.1 percent in June, the slowest annual gain since March.”
Consumers’ revolving debt, which includes credit cards, declined by $185 million in June, after a significant increase of nearly $9.6 million in May.
Nonrevolving debt, including student loans, declined from $6.2 billion in May to $4.4 billion in June, according to the Fed’s monthly report on consumer credit.
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