Consumer credit rose $18.5 billion in July

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Consumer credit increased by $18.5 billion in July to $3.753 trillion, the Federal Reserve reported Friday.

In June, consumer credit rose a revised $11.8 billion to $3.735 trillion, first reported as a $12.4 billion rise.

Economists polled by IFR Markets predicted a $15.1 billion increase in the month.

Revolving credit outstanding in July rose $2.6 billion to $995 billion from $992 billion the previous month.

Non-revolving credit rose $15.9 billion to $2.759 trillion from $2.744 trillion.

Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.

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