Consumer Credit in U.S. Increased More Than Forecast in July
Consumer credit in the U.S. rose more than projected in July, boosted by bigger credit card balances and loans for automobiles. The $19.1 billion increase followed a $27 billion gain in the prior month that was larger than previously estimated, Federal Reserve figures showed Tuesday. Americans are becoming more willing to borrow for large-ticket purchases such as cars as the job market strengthens, home values rise and household finances improve. Revolving debt, which includes credit cards, rose by $4.3 billion following a $7.5 billion increase.
Google’s Android Pay Rolls Out in U.S.
Google’s Android Pay rolled out Thursday to US customers, becoming the latest system to allow consumers to tap their phones to pay for purchases at retailers. Similar to the Apple Pay system unveiled last year, Android Pay will allow consumers to store their credit card information on their handsets along with loyalty cards and other data. For extra security, Android Pay will generate a one-time “token” or virtual account number so the actual credit card data is not revealed in a transaction.
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