The data released by the Board of Governors of the Federal Reserve System on Monday showed that the total amount of consumer credit increased to $16.64 billion in July from $8.46 billion in June (revised down from $10.21 billion) to surpass the analysts' estimate of $13 billion.
"In July, consumer credit increased at a seasonally adjusted annual rate of 5 percent. Revolving credit increased at an annual rate of 1-1/2 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent," the publication further read.
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