Consumer debt rose in July

Sept. 9, 2013 at 4:02 PM

WASHINGTON, Sept. 9 (UPI) -- Consumer credit in July rose 4.5 percent on a seasonally adjusted annual basis, as consumer debt climbed to $2.841 trillion, the U.S. Federal Reserve said.

The central bank said revolving credit, mostly made up of credit card debt, fell by an annual rate of 2.5 percent, dropping to $851.6 billion.

Non-revolving debt rose by 7.5 percent to $1.99 trillion, the Fed said. Non-revolving debt includes car loans, student loans and mortgages.

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