WASHINGTON — Consumer credit decreased by $3.3 billion, or 1.5%, in July to $2,705.2 trillion, the Federal Reserve reported Monday.
In June, consumer credit rose a revised $9.8 billion, or 5.3%, to $2,708.5 trillion.
Revolving credit fell to $850.7 billion in July from $855.5 billion in June, but non-revolving credit rose to $1,854.5 trillion from $1,852.9 trillion.
The decrease in credit was not expected by economists polled by Thomson Reuters, who had projected a $9.1 billion increase.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.