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US Consumer Borrowing Jumps by More Than $40 Billion, Second-Most Ever

  • Increase led by a record increase in non-revolving borrowing
  • Vehicle loans rose about $32 billion in second quarter
Updated on

US consumer borrowing surged in June, reflecting a jump in credit-card balances and a record increase in non-revolving lending that includes auto and school loans. 

Total credit increased $40.2 billion from the prior month, second only to March’s $47.1 billion spike, Federal Reserve figures showed Friday. The median forecast in a Bloomberg survey of economists called for a $27 billion advance. The figures aren’t adjusted for inflation.