Consumer Credit Balances Rose Less Than Expected
Consumer credit balances expanded by $17.25 billion in June. This is according to the Federal Reserve's new G.19 report of consumer credit balances.
Economists estimated balances would increase by $18.65 billion.
Revolving balances like credit cards increased by just $941.5 million.
Non-revolving balance, which includes auto loans and student loans, increased by $16.3 billion. This included a $5.4 billion increase in Federal government lending, which is mostly educational loans.
According to the Fed's July Senior Loan Officer Survey, banks reported easing credit standards and stronger demand for most financial products.
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