U.S. consumer credit soars in July with biggest gain since '01

U.S. consumer credit soared in July, posting its biggest jump since November 2001, driven in part by demand for auto loans and student borrowings.

Total consumer credit increased $26.01 billion to $3.24 trillion in July, the Federal Reserve said on Monday. June's consumer credit figure was revised up to show an $18.81 billion increase from $17.26 billion.