Consumers cut back on credit card use for 2nd month WASHINGTON -- Americans cut back on their credit card use in July for the second straight month, suggesting many remain cautious in the face of high unemployment and slow growth. The Federal Reserve says total borrowing dipped $3.3 billion in July from June to a seasonally adjusted $2.705 trillion. A drop in credit card debt offset a small rise in a measure of auto and student loans. The Fed also says Americans have borrowed much more than previously estimated after it revised consumer borrowing data back to December 2010. June's figure was increased to $2.708 trillion, or $130 billion higher than initially thought. It's also well above pre-recession borrowing levels. Consumers have been using credit cards much less since the 2008 credit crisis. But student loans have increased dramatically during that time.