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Consumer credit drops slightly

Sept. 10, 2012 at 4:14 PM

WASHINGTON, Sept. 10 (UPI) -- Consumer borrowing dropped 1.5 percent in July after climbing 5.3 percent in June, the U.S. Federal Reserve said Monday.

The Fed said non-revolving credit, which includes auto loans, personal loans and student loans, rose 1 percent to $1.849 trillion in July. Revolving credit, which includes lines of credit and credit cards, fell 6.8 percent to $815 billion, the Fed said.

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