Consumer credit growth in the US exceeded expectations in July, and non-revolving credit recorded the biggest increase in three years. According to data released by the Federal Reserve on Tuesday, the total amount of outstanding consumer credit increased by 18.1 billion US dollars, and the revised June data increased by 14.6 billion US dollars. Non-revolving credit such as car loans and tuition loans increased by $15.3 billion in July. Meanwhile, credit card and other revolving credit balances increased by $2.8 billion. The report does not include mortgages. Despite high prices, overall US consumer spending has remained resilient this year. However, price growth in recent months has surpassed wage growth, which may cause some Americans to rely on credit to maintain spending.

Consumer credit growth in the US exceeded expectations in July, and non-revolving credit recorded the biggest increase in three years. According to data released by the Federal Reserve on Tuesday, the total amount of outstanding consumer credit increased by 18.1 billion US dollars, and the revised June data increased by 14.6 billion US dollars. Non-revolving credit such as car loans and tuition loans increased by $15.3 billion in July. Meanwhile, credit card and other revolving credit balances increased by $2.8 billion. The report does not include mortgages. Despite high prices, overall US consumer spending has remained resilient this year. However, price growth in recent months has surpassed wage growth, which may cause some Americans to rely on credit to maintain spending.