WASHINGTON (Reuters) - U.S. consumer borrowing fell for the first time in more than a decade in August amid tighter credit markets, tougher lending standards and declining consumer spending, a Federal reserve report showed on Tuesday.

August total consumer credit fell $7.88 billion, for a 3.7 percent annual rate, to $2.577 trillion, the Federal Reserve said. Analysts polled by Reuters were expecting a $5.2 billion rise.

It was the first time the Fed has reported a monthly drop in consumer credit since January 1998, when it fell $4.7 billion, or 4.3 percent, the Fed said.

(Reporting by David Lawder; Editing by Dan Grebler)

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