American consumers' borrowing increased by the largest amount in three months, with credit card balances rising significantly.

Consumer borrowing in the United States increased by the largest amount in three months in July, largely driven by the strongest increase in credit card balances so far this year. Data released by the Federal Reserve on Monday showed that after revising June's data to an increase of $9.6 billion, consumer credit balances rose by $16 billion in July. Economists surveyed by Bloomberg had a median estimate of an increase of $10.4 billion. Revolving credit, which includes credit card debt, increased by $10.5 billion. Non-revolving credit, such as auto and education loans, increased by $5.5 billion.