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Consumers Didn’t Add To Debt Load In June

Fri., Aug. 8, 1997

For the first time in four years, American consumers in June did not increase their debt burden.

Consumer debt outstanding was unchanged at a seasonally adjusted $1.22 trillion, the Federal Reserve said Thursday, following increases at annual rates of 2.5 percent in May and 8.9 percent in April.

Debt outstanding has grown each month since May 1993.

Credit-card debt in June grew at an annual rate of 5.8 percent, while auto loans outstanding fell at an annual rate of 0.2 percent.

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