U.S. Revolving credit (credit cards) grew by $14.7 billion (13.9%) in August, up from the $10.4 billion gain recorded in July.
In August, consumer credit decreased at a seasonally adjusted annual rate of 3.8 percent. Revolving credit increased at an annual rate of 13.9 percent, while nonrevolving credit decreased at an annual rate of 9.8 percent.
Consumer spending is a major factor in the U.S. economy and