Us consumer loans rose at a record pace in June, reflecting a sharp increase in credit card balances and non-revolving loans.

Data released by the Federal Reserve on Friday showed that total credit increased by $37.7 billion month-on-month and was revised upwards to $36.7 billion in May. Borrowing grew by 10.6% at an annualised rate. Economists expect an increase of $23 billion.

The outstanding revolving credit balance, including credit cards, increased by $17.9 billion, the second largest increase in history. Non-revolving credit, including car and school loans, increased by $19.8 billion.