Consumer credit plunged more than five times as much as forecast in July as banks restricted lending terms and job losses made Americans reluctant to borrow.

Consumer credit fell by a record $21.6 billion, or 10% at an annual rate, to $2.5 trillion, according to a Federal Reserve report released Tuesday. Credit dropped by $15.5 billion in June, more than previously estimated. The July drop was the sixth month of decline, the longest since 1991.

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