Consisting mostly of credit card debt, revolving credit balances climbed $17.8 billion to $992.2 billion, an annual rate of 22%. As the economic recovery picks up, consumers are keen to spend. Friday’s report mirrored a separate Fed analysis on Monday that showed demand for consumer loans has jumped as bank lending standards have eased. “Clearly this is a sign of confidence in the U.S. economy,” Bank of America said in a research report. Total consumer credit increased by $37.6 billion in June from May, an annualized rate of 10.6%. The rise exceeded economists’ expectations for a $23 billion gain, according to Moody’s Analytics. Non-revolving credit, which includes auto and school loans, rose $19.8 billion. For the second quarter, total consumer credit outstanding increased an annualized 8.8%, data showed. Have a question, comment, or story to share? You can reach Medora at medoralee@thebalance.com
