WASHINGTON - Consumer credit grew at a 10.9% annual rate in August, up from 7.5% the previous month, the Federal Reserve Board announced Friday.

"The pickup in August largely reflected faster growth in revolving credit," the Fed said.

Revolving consumer credit grew at a 13.9% annual rate in August, up from 7.1%, while nonrevolving debt grew 8.9%, up from 7.7%. In total dollars, however, nonrevolving credit still exceeded revolving, $839.7 billion versus $645.3 billion.

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