Tepid Increase for Consumer Credit in August

Published on:
8 December 2006 at 06:33 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000204-tepid-increase-for-consumer-credit-in-aug/

by Patrick Lunsford, CollectionIndustry

The Federal Reserve announced a week ago that consumer credit in the U.S. increased only $5 billion, or about 2.6%, in August. The numbers were largely in-line with analysts? expectations.

July?s total increase, $8.3 billion, was actually revised up. Consumer credit outstanding stood at $2.352 trillion in at the end of August.

Revolving credit, which includes credit and charge cards, rose by an annual 4.25% rate in August to $846.0 billion. Revolving credit rose at an upwardly revised 4.7% rate during July.

Nonrevolving credit – closed-end loans for cars, boats, education expenses and holidays – rose at a 1.60% annual rate to $1.506 trillion after going up at a 4.1% rate the prior month.

Tepid Increase for Consumer Credit in August

Unknown Author

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