Fed: Consumer Borrowing Slows; Consumer credit at a record $2.35 trillion

The Federal Reserve reported that consumer borrowing rose at an annual rate of 2.8% in July, down from an increase of 7.3% in June. The annual growth rate of total consumer credit was about 1-1/4 percentage points from 2001 to 2005.

With the latest increase, consumer credit was at a record level of $2.35 trillion in July. The Fed's measure of consumer credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. 

The slowdown was led by a sharp deceleration in credit card debt, which rose by just 3.4% in July, after 13.2% increase in June and 13% in May. Borrowing to buy autos also slowed in July to an annual increase of 2.5%, following a 4% increase in June.

The total debt was up by $5.5 billion in July while the increase for June was $14.1 billion. 

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