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ECONOMY

From Times Staff and Wire Reports

Consumer Debt Piles Up: Despite signs that spending is slowing, Americans are continuing to accumulate debt. The Federal Reserve Board reported that consumer credit rose in June for the 15th straight month, climbing 15.6% at an annual rate. Borrowing increased at a 16.6% annual rate in May and 14.9% in April, the Fed said. Borrowing increased $10.9 billion in June after rising $11.5 billion the previous month. Consumer credit includes all household debt not secured by real estate, namely home equity loans and mortgages. Analysts said the continued borrowing growth may temper projections that the economy is slowing dramatically.


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