Consumers Boost Student, Auto Loans
Seth Perlman/AP Dodge cars for sale at an auto dealership in Springfield, Ill. Borrowing in a category that consists mostly of student and auto loans increased $14. 3 billion in September. Americans took out more student and auto loans in September to boost consumer borrowing to a record level. But they cut back on credit card borrowing, a sign many remain cautious about taking on high-interest debt. Total consumer borrowing rose $11. 4 billion in September compared with August, the Federal Reserve said Wednesday. Total consumer debt outstanding, which excludes mortgages and other housing-related borrowing, stands at $2. 74 trillion — the highest level on record. The increase was driven entirely by a category that consists mostly of student and auto loans. Borrowing in that category increased $14. 3 billion. Credit card borrowing fell $2. 9 billion, the third drop in four months.
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Consumers Boost Student, Auto Loans
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Americans took out more student and auto loans in September to boost consumer borrowing to a record level. But they cut back on credit card borrowing, a sign many remain cautious about taking on high-interest debt. Total consumer borrowing rose $11.4 billion in September compared with August.
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