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Consumer Credit in U.S. Surges on More Loans for Automobiles
Consumer borrowing in the U.S. rose more than forecast in July as non-revolving loans including those for cars climbed by the most in three years. The $26 billion increase in credit exceeded the highest forecast in a Bloomberg survey and followed an $18.8 billion advance in June that was more than previously estimated, the Federal Reserve reported today in Washington. Non-revolving loans, which include borrowing for cars and college tuition, climbed $20.6 billion, the biggest gain since July 2011. Credit-card lending rose for a fifth straight month. A stronger job market and rising home values are giving households ... (full story)
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