Consumers Borrowed Less In July

Borrowing slowed in July from June’s torrid pace as Americans cut back both on using credit cards and buying autos and other personal items on credit.

The Federal Reserve said Friday consumer credit increased by a smaller-than-expected, seasonally adjusted $9.4 billion in July, or 7.7 percent at an annual rate, the slowest pace in three months.

Many analysts had expected borrowing to grow by $10 billion in July.

Its report on consumer credit includes credit card debt and loans for autos, boats and mobile homes. It does not include loans backed by real estate, such as home mortgages or popular home equity loans.