WASHINGTON – Consumer credit fell $3.3 billion, or 1.7%, to $2.414 trillion in August, the seventh consecutive monthly decline, the Federal Reserve reported Wednesday.
Borrowing in July was revised slightly lower to $2.417 trillion from the $2.419 trillion reported last month, a $4.1 billion decline from June, originally reported as a $3.6 billion fall.
Economists expected consumer credit would fall by $3 billion for the month, according to the median estimate from Thomson Reuters.
August revolving credit, which includes credit card borrowing, fell $5 billion, or 7.2%, to $822.2 billion.
Nonrevolving credit, which includes loans for cars, education, and other items, increased by $2 billion, or 1.2%, to $1.592 trillion.
Consumer loans held by commercial banks dropped by $4.4 billion.
