Consumer credit decelerated in August, increasing at annual rate of 5 percent for the month, the Federal Reserve said late Tuesday.
Consumer credit had grown at an annual rate of 8.1 percent in July and 7.1 percent in June.
In its monthly statistical release on Consumer Credit, the Fed said that revolving credit, which includes credit cards and other types of loans that aren’t on fixed payment schedules, fell 0.3 percent in August. That’s after rising by 7.4 percent in July.
Non-revolving credit for student loans, car loans and mortgages was up in August, but as in the overall number reflected a deceleration. This type of lending increased by 7 percent in August, down from 8.3 percent in July and 8.9 percent in June.