Consumer credit rises 4.4% in July

WASHINGTON (MarketWatch)
Consumer credit rose $10.4 billion in July to a seasonally adjusted $2.85 trillion, posting an annual growth rate of 4.4%, the Federal Reserve reported
Revolving credit, which is mostly made up of credit card loans, fell for a second month, declining at an annual rate of 2.6% in July, compared with a drop of 5.2% in June
Meanwhile, nonrevolving credit, which covers loans for education and cars, among other areas, rose at an annual rate of 7.4% in July, down from 9.5% in June
Nonrevolving credit has grown every month since August 2011
The Fed revised June's overall increase in consumer credit to $11.9 billion, compared with a prior estimate of $13.8 billion.