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News Summary: US consumer credit rises $11.4B

  • Article by: The Associated Press
  • Associated Press
  • November 7, 2012 - 3:47 PM

MORE BORROWING: Americans took out more student and auto loans in September, boosting 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.

STUDENT LOANS RISE: Consumer borrowing rose $11.4 billion, the Federal Reserve said Wednesday. The increase was driven mostly by more student loans, perhaps reflecting the start of the academic year.

LESS CREDIT CARD DEBT: Credit card borrowing fell $2.9 billion, the third decline in four months. With unemployment high and the economy weak, many consumers are reluctant to build up credit card debt.

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