Washington:US consumer credit rose by $8.3 billion in August, marking a slowdown in growth compared to the previous month, as revolving credit showed a decrease.

According to Anadolu Agency, the Federal Reserve data released Wednesday indicated that the total outstanding consumer credit reached approximately $5.2 trillion. The borrowing grew at a seasonally adjusted annualized rate of 1.9%, a decrease from the 4.1% rate seen in July.

Revolving credit, which includes credit card debt, fell by $4.8 billion, reflecting an annualized decline of 4.2%. This was a reversal from a 2.5% annualized increase in July. In contrast, nonrevolving credit, which encompasses automobile and student loans, saw an increase of $13.1 billion, expanding at an annualized rate of 4.1%.

The data highlighted that outstanding revolving credit was approximately $1.35 trillion, while nonrevolving credit totaled $3.84 trillion. Additionally, commercial banks charged an average interest rate of 21.19% across credit card accounts in August. For accounts where interest was assessed, the average rate was 22.36%.

The average interest rates on 60-month new automobile loans stood at 7.54%, while rates on 24-month personal loans averaged 11.90%.