Consumer Debt Increase Slows
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WASHINGTON — Americans took out $5.07 billion more in consumer credit than they paid off in June, down 21% from the May increase, the government said Thursday.
The Federal Reserve Board said the June rate of increase was at an annual rate of 10.8% following a 13.9% growth rate for debt during May, when consumer debt had risen by $6.46 billion.
Growth in auto loans remained strong in June, increasing by $3.73 billion, which translates into an annual rate of 20.4%. The May gain had been $3.15 billion. Analysts said auto sales were spurred during the month by continued use of sales incentives.
Revolving debt, including credit cards, rose $280 million in June, a 2.7% annual rate of increase following a $1.1-billion May advance.
Cash loans from banks and other short- and medium-term personal debt rose by $1.13 billion in June, an annual rate of increase of 7.1% following a May advance of $2.16 billion.
The various changes put total consumer debt at $567.34 billion at the end of June.
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