Consumer credit increased by $26 billion, or 9.7%, in July to $3.238 trillion, the Federal Reserve reported Monday.
In June, consumer credit rose a revised $18.8 billion, or 7.1%, to $3.212 trillion. June's consumer credit increase was originally reported as a $17.2 billion or 6.5% gain.
Revolving credit outstanding in July rose to $880.5 billion from $875.2 billion the previous month.
Non-revolving credit climbed to $2.357 trillion from $2.337 trillion.
The consumer credit increase was larger than the median $17.35 billion rise projected by economists polled by Thomson Reuters.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
