U.S. consumer credit rose at a 4.2 percent annual rate in July

Borrowing grew in both parts of the series.

U.S. consumer credit increased at a seasonally adjusted annual rate of 4.2 percent in July, the Federal Reserve reported Tuesday. Revolving credit, which includes credit card balances, rose at a 2.5 percent rate. Nonrevolving credit, which includes vehicle and student loans, rose 4.8 percent.

The 4.2 percent figure is an annual rate, not a one month increase. The series covers most credit extended to individuals but excludes loans secured by real estate.

June showed a different split. Total credit grew 3.4 percent then, with revolving credit up 6.0 percent and nonrevolving credit up 2.5 percent.