MARTIN CRUTSINGER, AP Economics Writer
U.S. Consumer Borrowing Rises in September
WASHINGTON (AP) — U.S. consumers increased their borrowing in September with gains in credit card debt and auto and student loans.
Federal Reserve Reports Record Debt Levels
The Federal Reserve says overall borrowing rose $15.9 billion following a $14 billion gain in August and a $22.8 billion July increase. The gains have pushed total consumer debt to a record level of $3.27 trillion.
Credit Card, Auto, and Student Loan Trends
The category that includes credit cards showed a $1.44 billion increase in September after having dropped by $201 million the previous month. The category that covers auto loans and student loans increased $14.48 billion after a $14.23 billion increase in August.
Consumer Confidence Reflected in Debt Growth
Rising levels of consumer borrowing coupled with strong employment growth are viewed as good signs that consumers are confident about taking on more debt to boost purchases.
