Consumer Credit Increase Slows

Americans took out $3.74 billion more in consumer credit than they paid off in August, the smallest increase since March, the government said today.

The Federal Reserve Board said the August increase, which followed a $5.56-billion July advance, represented an annual growth rate of 7.8%. That was down considerably from the 12.2% growth in credit during the first half of the year. The big decline in August came in the category that includes credit card debt.