Consumers lowered their debt in August for the first time in 11 months, the U.S. Federal Reserve said Friday.
Consumers reduced debt in August by a seasonally adjusted $9.5 billion, reflected as a 4.6 percent annual rate, MarketWatch.com reported.
Wall Street economists had predicted an increase of about $8 billion in consumer credit in August, MarketWatch.com said.
The Fed said non-revolving credit, which includes auto loans, personal loans and student loans, fell $7.2 billion (5.2 percent) in August. Revolving credit, which tracks credit card debt, decreased $2.3 billion (3.5 percent) for the reporting period.