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.
The Federal Reserve says total borrowing dipped $3.3 billion in July from June to a seasonally adjusted $2.705 trillion. A drop in credit card debt offset a small rise in a measure of auto and student loans.
The Fed also says 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 borrowing levels.
Consumers have been using credit cards much less since the 2008 credit crisis. But student loans have increased dramatically during that time.
Most Popular Today
- 1.Your Money Matters
Cliff Hangers Gallery Closes; Customers Want Items Back
- 2.Retail & Restaurants
What Will Cost More/Less In 2015
- 3.Your Money Matters
Denny Sanford To Donate $25 Million For Scholarship Program
- 4.Your Money Matters
Denny Sanford's Multi-Million Solution To Worker Shortage
New Police Officers & Firefighters Needed
Sturgis Officials Planning For 2015 Rally Traffic
SDSU Research Park First Certified Technology Park
Top Theater Chains Cancel 'The Interview' Showings
- 9.Education Funding
Rapid City School Officials To Consider Tax Opt Out
Wednesday Morning Business Brief