Note the spin....
Consumer credit increased at an annual rate of 6 percent in July 2011. Revolving credit decreased at an annual rate of 5-1/4 percent, while nonrevolving credit increased at an annual rate of 11-1/4 percent.
While the data says.....
Another $15.7 billion went up the chute of our youth in student loans last month. Non-revolving credit from all sources was up by $15.4 billion, so absent the student loans there was an approximately $300 million decrease in non-revolving debt outstanding.
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