Consumer credit grew at an annual rate...

Consumer credit grew at an annual rate of 7.1% in July as Americans took on $3.46 billion more in debt. The Federal Reserve said the growth in home loans and other consumer debt slowed from a rate of 9.4% in June, or $4.55 billion in new debt. The slowdown came from a much smaller increase in auto loans, which rose just $951 million in July following a $2.55-billion advance in June. Overall consumer credit has been growing at a slower pace this year as Americans cut back on purchases, particularly of big-ticket items, due to high debt levels and sluggish income growth.