American consumers increased their debt load in July, according to the latest numbers released by the Federal Reserve Board.
Debt levels in July increased to a seasonally adjusted $12 billion, what amounts to a 5.9 percent annual rate of increase, the report found.The increase in consumers' financial obligations is the tenth straight monthly rise and the largest debt load measured since April 2008.
Investors on Wall Street had anticipated a rise in consumer credit levels, but the total was much larger than the $6 billion figure initially projected.
According to the Federal Reserve, the increase was not impacted by credit card debt, but rather a rise in automotive, personal and student loans.
While the rate of borrowing among Americans is at its highest level in three years, the amount consumers can hold is influenced by their credit rating. If consumers have bad credit, their borrowing limits may be restricted. A credit repair company may be able to identify any erroneous marks that are preventing consumers from obtaining the FICO score they deserve.