U.S. consumer debt declines for month

WASHINGTON — U.S. consumer borrowing dipped $3.3 billion in July from June to a seasonally adjusted $2.705 trillion, the Federal Reserve said Monday.

The decline was the first since August, 2011. The drop in credit card debt offset a small rise in a measure of auto and student loans. Four years ago, Americans had $1.03 trillion in credit card debt, an all-time high. In July, it was $850.7 billion.