U.S. consumer credit outstanding declined for the seventh straight month in August as credit card debt continued to fall.

The Federal Reserve said Thursday that total outstanding credit, which covers everything from car loans to credit cards, fell by $3.34 billion after dropping $4.09 billion in July.
Analysts polled by Reuters had forecast consumer credit contracting $3 billion in August.

So-called revolving, or credit-card credit, fell $4.99 billion in August after a $4.98 billion fall in July. That marked the 24th consecutive month credit-card debt decreased.

Non-revolving credit, which includes closed-end loans for big-ticket items such as cars, boats, college education and vacations, increased $1.65 billion after increasing $888.59 million in July. It was the fourth straight month of gains.