WASHINGTON - Consumer credit increased by $12 billion, or 5.9%, in July to $2.454 trillion, twice the increase economists were expecting, the Federal Reserve reported Thursday.
Revolving credit slipped 5.2% to $792.5 billion and nonrevolving credit increased 11.2% to $1.662 trillion.
Non revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
Consumer credit for June increased $11.3 billion, revised lower from the $15.5 billion jump reported last month.
Economists expected consumer credit would increase by $6 billion, according to the median estimate from Thomson Reuters.
