The Federal Reserve reported Friday that non-mortgage consumer debt rose at a seasonally adjusted annual rate of 2.6 percent in August, slowing from July’s 4.3 percent. It was the slowest growth since March, when borrowing declined.
Borrowing on credit cards and other revolving accounts rose at an annualized rate of 4.2 percent, down from 4.7 in July.
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But borrowing for automobiles and similar loans rose in August at an annual rate of only 1.6 percent, well below July’s 4.1 percent, as gas prices and other pressures spurred shoppers to slam on the brakes.
Total consumer debt (excluding mortgages) rose to an all-time high of $2.35 trillion in August, the Fed reported, even though the rate of increase declined.
