Americans added more to their tabs in July than forecasters guessed. Overall consumer credit increased by $18.1 billion, topping the $11.3 billion median call from economists polled by Bloomberg. The prior month was marked up to a $14.6 billion rise. Federal Reserve figures, published Tuesday, underline the upside surprise.
The heft of July's climb came from non-revolving borrowing, which includes auto financing and student loans. That category jumped $15.3 billion, the largest monthly increase in three years. This category typically covers longer-term loans for vehicles and education.
Revolving balances, such as credit cards, grew by $2.8 billion. Mortgages are not part of these figures.
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Spending has stayed surprisingly sturdy this year even with prices still high. Recently, inflation has been running faster than pay, which could be prompting some households to rely more on credit to keep up their usual outlays. If that continues, it can influence how much room is left in monthly budgets for savings or cushion.
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