US consumer credit growth slows in August as revolving borrowing falls

US consumer credit rose $8.3 billion in August, slowing from the previous month as revolving credit declined, according to Federal Reserve data released Wednesday.

Total outstanding consumer credit reached approximately $5.2 trillion, with borrowing growing at a seasonally adjusted annualized rate of 1.9%, down from 4.1% in July.

Revolving credit, which includes credit cards, fell $4.8 billion, an annualized decline of 4.2%. That reversed a 2.5% annualized increase in July.

Nonrevolving credit, including automobile and student loans, increased $13.1 billion, expanding at an annualized rate of 4.1%.

Outstanding revolving credit stood at approximately $1.35 trillion, while nonrevolving credit totaled $3.84 trillion.

The release also showed that commercial banks charged an average interest rate of 21.19% across credit card accounts in August. For accounts assessed interest, the average rate was 22.36%.

Average rates on 60-month new automobile loans stood at 7.54%, while rates on 24-month personal loans averaged 11.90%.