Total consumer credit outstanding increased at a seasonally adjusted annual rate of 4.5% in July, the U.S. Federal Reserve reports. Revolving credit decreased at a SAAR of 2.5%, while nonrevolving credit increased at a SAAR of 7.5%.

Revolving credit outstanding, which generally consists of credit cards, decreased to $849.8 billion in July from $851.6 billion in June. This is the second consecutive month that revolving credit has declined.

Nonrevolving credit, which is also known as installment credit and consists mainly of student and auto loans, increased to $2.0023 trillion in July from $1.9901 trillion in June. The last time that nonrevolving credit had a monthly decline was in May of 2010.

Total consumer credit outstanding increased $10.4 billion during the month and moving to $2.8521 trillion from $2.8417 trillion the month prior. This follows an increase in June of $11.9 billion. Consumer credit outstanding is up 5.3% from a year ago.

Credit Card

Credit Expends but Credit Card Usage Slips