Consumer credit increases by $8.4 bln

WASHINGTON, Aug. 7 (UPI) -- Consumer debt levels in the United States increased by $8.4 billion to a seasonally adjusted $1.713 trillion in June, the Federal Reserve reported Wednesday.

The Fed also reported that consumer credit grew at an annual rate of 6.3 percent in the second quarter, making it the fastest pace of debt expansion since the fourth quarter of last year.

Revolving credit, used in credit cards, rose by $3.8 billion, while non-revolving credit increased by $4.5 billion.

The rise in consumer debt was smaller than the $9.5 billion gain posted in May, but still higher than the $7.5 billion consensus among Wall Street analysts.