The Federal Reserve reported Friday, August 6, that total consumer credit outstanding fell 0.7% in June to $2,418.5 billion from $2419.8 billion in May, a decrease of $1.3 billion.

In June, consumer credit decreased at an annual rate of .75%, revolving credit decreased at an annual rate of 6.5%, and nonrevolving credit increased at an annual rate of 2.5%, according to the Fed report.

Consumer credit decreased at an annual rate of 3.25% in the second quarter while revolving credit decreased at an annual rate of 9.5%, and nonrevolving credit was about unchanged.

The $1.3 billion reduction in June marks the 16th drop in overall credit in the past 17 months.