Consumer Credit Increase Slows
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Associated Press
WASHINGTON — Americans took out $3.74 billion more in consumer credit than they paid off in August, the smallest increase since March, the government said today.
The Federal Reserve Board said the August increase, which followed a $5.56-billion July advance, represented an annual growth rate of 7.8%. That was down considerably from the 12.2% growth in credit during the first half of the year. The big decline in August came in the category that includes credit card debt.
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