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Consumer credit dropped in July

Thu, 09/09/2010 - 11:32 by Rakhi

Washington -- Consumer borrowing dropped in July by $3.6 billion, falling for the sixth consecutive month, the U.S. Federal Reserve reported Friday.

Consumer credit fell at an annual rate of 1.75 percent during the month, the Fed said.

Revolving credit, which generally means credit card loans, dropped at an annual rate of 6.25 percent to $827.8 billion. Outstanding credit on non-revolving loans, most commonly mortgages, rose at an annual rate of 0.5 percent to $1.5 trillion.

Copyright 2010 United Press International, Inc. (UPI).

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