Consumer Credit in U.S. Fell $3.6 Billion in July

Consumer borrowing in the U.S. declined for a sixth straight month in July, indicating Americans are reluctant to take on more debt without faster job growth.

The $3.6 billion decrease followed a revised $1 billion drop in June that was less than initially estimated, the Federal Reserve said today in Washington. Economists projected a $4.7 billion decline in the July measure of credit card debt and non-revolving loans, according to the median forecast in a Bloomberg News survey.