Paul Davidson, USA TODAY
Consumers stepped up their borrowing in July by the largest amount in 13 years, a sign of an accelerating economy.
Outstanding consumer credit increased by a seasonally adjusted $26 billion in July, the most since November 2001, the Federal Reserve said Monday. Economists expected a $17 billion advance.
Non-revolving debt, which includes student and auto loans, rose by $20.6 billion. Credit card debt increased $5.3 billion.
Total credit increased at a 9.7% annual rate after rising 7.1% in June.
In recent months, banks have eased their lending standards, and consumer demand for loans, other than mortgages, has increased.
