Consumer borrowing growth slowed in June as revolving credit use declined

Consumer borrowing slowed in June after hitting a six-month high in the prior month, but still rose at an annual rate of 3.1 percent.  Revolving credit, including credit cards, declined by 0.2% in June after rising 11.2% in May. This is the second drop in credit-card use in the past four months. Nonrevolving credit, including auto and student loans, rose 4.4% in June, and has been rising at a relatively steady pace in recent months.

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