Americans cut back on their credit card use in July for the second straight month, suggesting many remain cautious in the face of high unemployment and slow growth.
Total consumer borrowing dipped $3.3 billion in July from June to a seasonally adjusted $2.705 trillion, the Federal Reserve said Monday. The drop in credit card debt offset a small rise in a measure of auto and student loans.
The Fed also said Americans have borrowed much more than previously estimated after it revised consumer borrowing data back to December 2010. June’s figure was increased to $2.708 trillion, or $130 billion higher than initially thought. It’s also well above pre-recession levels.
JOIN THE DISCUSSION | Register here
We welcome comments. Please keep them civil, short and to the point. ALL CAPS, spam, obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. Thanks for taking part — and abiding by these simple rules. A thorough explanation of rules of conduct can be found in our Terms of Service. If you have any questions, including why your comment may not be showing immediately after you submit it, be sure to visit the commenting FAQ.