Tags: consumer | borrowing | Fed | November

US Consumer Borrowing up $12.3 Billion in November

Wednesday, 08 January 2014 03:04 PM

Americans increased their borrowing in November, led by continued gains in auto and student loans.

The Federal Reserve says consumers increased their borrowing by $12.3 billion in November to a seasonally adjusted $3.09 trillion. That is a record level and follows an October increase of $17.9 billion.

Almost all of the November increase came from an $11.9 billion rise in borrowing for auto loans and student loans.

Borrowing in the category that covers credit cards ticked up only $457.8 million after surging in October.

Credit card borrowing plunged after the Great Recession and consumers remain cautious about taking on high-interest debt. It has gradually increased to its highest level in more than three years, but it's still 16 percent below its peak of more than $1 trillion reached in 2008.

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Americans increased their borrowing in November, led by continued gains in auto and student loans.
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2014-04-08
Wednesday, 08 January 2014 03:04 PM
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