Consumer Borrowing Increased Last November to the Highest Rate in 3 Months

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Consumer Borrowing Increased Last November to the Highest Rate in 3 Months

Jan, 13th 2017

Jan. 9, 2017, at 3:20 p.m.

By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON (AP) — Consumers increased their borrowing in November at the fastest pace in three months.

Total borrowing in November climbed $24.5 billion, compared to a smaller $16.2 billion in October, the Federal Reserve reported Monday. The increase pushed total debt to a fresh record of $3.75 trillion.

The acceleration reflected a big jump in the category that covers credit card debt, which rose $11 billion, compared to a much smaller $2.4 billion increase in October. It was the largest monthly advance since March and was a good sign at the start of the holiday shopping season.

Growth in the category that covers auto loans and student loans slowed a bit in November, showing...

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