Total consumer credit increased at an annual rate of 4.4% for July  to hit $2.8 trillion, according to a Federal Reserve Consumer Credit report (link opens a PDF) released today. 

After increasing at a seasonally adjusted annual rate of 6.8% for May and 5.1% for June, this month signals another slowdown in consumer credit growth. In absolute terms, analysts had expected a $12.3 billion month-over-month credit increase, but July's $10.4 billion bump didn't quite hit Mr. Market's mark.

Revolving credit (no fixed number of payments, e.g., credit cards) was the culprit behind July's slowing growth, dipping a seasonally adjusted 2.6% after a 5.2% drop in June.

Non-revolving credit (fixed installments, e.g., car payments) fared significantly better, although its 7.4% growth is still slower than June's 9.5% jump.

News

Source: Federal Reserve 

Follow Fool contributor Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.

The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.