The personal savings rate increased to 6.4 percent in June, the highest level in almost a year. In 2007, before the recession, the average savings rate was only 2.1 percent, leaving economists to express concern that Americans aren't spent enough to boost economic growth.
The Fed's credit report includes auto loans, credit card debt and other revolving debt not secured by real estate. The report doesn't include mortgages or home equity lines of credit.
Credit card use has declined for nearly two years -- 21 straight months -- although auto loans have increased, up 2.4 percent in June after a 1.4 percent increase in May.
Auto sales continue to make a good showing and estimates are that July also will show increases.
Consumer spending during the second quarter rose at a 1.6 percent annual rate, slower than the 1.9 percent in the first three months of the year, Commerce Department figures showed on July 30.