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US consumer credit grows $20.1 billion in August, fastest pace in three months
The numbers: Consumer borrowing picked up in August, according to the Federal Reserve on Friday. Total consumer credit increased $20.1 billion in August to a seasonally adjusted $3.94 trillion. That’s an annual growth rate of 6.2%. Economists had been expecting a $15 billion gain, according to Econoday. What happened: Revolving credit, like credit cards, rose 5.6% in August after two sluggish months. Nonrevolving credit, typically auto and student loans, rose 6.4% in August, the same pace as July. The data does not include mortgage debt. Big picture: Credit has been growing strongly, bolstered by solid wage growth. ... (full story)
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Beware of robber banks (RB), bad advisors.