Consumer credit surges 7.7% in June (by Steve Goldstein)

WASHINGTON (MarketWatch) -- Consumer credit grew 7.7%, or $15.5 billion, to a seasonally adjusted annual rate of $2.45 trillion in June, the Federal Reserve reported Friday. That marks the biggest jump in consumer credit since August 2007. Revolving credit such as credit cards grew 7.9%, or $5.21 billion, while nonrevolving credit such as auto and student loans grew 7.6%, or $10.32 billion.