Federal Reserve figures released yesterday showed that consumer borrowing picked up in July, MarketWatch.com reported. Total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trillion. That’s an annual growth rate of 5.1 percent. Revolving credit, such as credit cards, rose only slightly in July. Borrowing on credit cards rose by 1.5 percent, reversing a 1.4 percent drop in June. Nonrevolving credit, typically auto and student loans, jumped 6.4 percent in July after a 4 percent gain in the prior month. That is the largest increase in eight months. The report does not include mortgage debt.
