Gimme Credit

Consumer borrowing rose by $19.6 billion last month, substantially more than the $12.5 billion forecast by economists (big surprise there) and up from $10.9 billion in May. Non-revolving debt, which includes car loans, student loans and mobile homes loans increased by $13 billion – $9.2 billion excluding government guaranteed student loans. Credit card debt, which has been barely growing for years, jumped by $6.6 billion, the most in 12 months!