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WASHINGTON (AP) - Americans increased their borrowing in July at the slowest pace in four months as the gain in credit card debt fell off sharply.
The Federal Reserve reported Friday that consumer borrowing rose at an annual rate of 2.8 percent in July, down from an increase of 7.3 percent in June.
The slowdown was led by a sharp deceleration in credit card debt, which rose by just 3.4 percent in July after gains of 13.2 percent in June and 13 percent in May.
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