U.S. consumer credit up, but credit card usage down

WASHINGTON Mon Oct 7, 2013 3:31pm EDT

A coffee shop displays signs for Visa, MasterCard and Discover, in Washington, May 1, 2013. REUTERS/Jonathan Ernst

A coffee shop displays signs for Visa, MasterCard and Discover, in Washington, May 1, 2013.

Credit: Reuters/Jonathan Ernst

WASHINGTON (Reuters) - U.S. consumer credit rose more than expected in August, but a third straight month of decline in credit card usage was consistent with recent tepid consumer spending.

Total consumer credit advanced by $13.63 billion to $3.04 trillion, Federal Reserve data showed on Monday.

Economists polled by Reuters had expected consumer credit to rise $12 billion in August after a previously reported $10.44 billion increase in July. This was revised down to a gain of $10.40 billion.

Revolving credit, which mostly measures credit-card use, fell $883.41 million, declining for a third straight month.

Nonrevolving credit, which includes auto loans as well as student loans made by the government, increased $14.51 billion in August. That followed a $12.23 billion increase in July.

(Reporting by Lucia Mutikani; Editing by Krista Hughes)

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