Washington ? Americans, taking advantage of free-financing offers and other incentives, increased their borrowing in July by the largest percentage in eight months.

The Federal Reserve reported Monday that consumer credit rose by a seasonally adjusted $10.8 billion in July from the previous month, a 7.6 percent annual rate.

The increase, largely on target with the advance some analysts were forecasting, left consumer credit at $1.72 trillion.

Rising home values and extra cash from the refinancing boom also are supporting consumer spending, they said. Those positive forces are helping to offset some negative factors, including the turbulent stock market, a sluggish job market and eroding consumer confidence.

July’s 7.6 percent growth rate marked the biggest advance in borrowing since November.

In July, demand for revolving credit, such as credit cards, rose by $6.5 billion, or at a brisk annual rate of 10.8 percent. That followed a smaller $3.5 billion increase and a growth rate of 6 percent in June.