Consumer Credit Drops For Sixth Straight Month

Consumer credit fell for the sixth straight month in July, dropping more than five times as much as forecast.

According to a Federal Reserve report issued Tuesday, consumer credit fell $21.6 billion to $2.5 trillion. That figure is a record and represents an annual rate of 10.4 percent.

Consumer credit had been expected to decline $4 billion to $4.3 billion for the month, according to economists surveyed by Bloomberg and MarketWatch.

Credit card debt decreased $6.11 billion, or 8.5 percent, to $905.58 billon. That is the 11th straight month of decline

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