Pace of consumer borrowing slows
U.S. consumer borrowing increased less in July than a month earlier as Americans took out fewer auto loans.
Consumer credit increased $7.5 billion during the month to $2.46 trillion, the Federal Reserve said. In June, credit rose $11.9 billion, less than previously reported. The figures don’t include mortgage debt.
Auto sales slumped to a two-year low in July, capping the weakest quarter of consumer spending since the last three months of 2005.
Slumping home values and stricter lending standards have made it harder for Americans to borrow against their homes for extra cash.
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