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.
Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to email@example.com. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse. Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training website to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.