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VOL. 128 | NO. 219 | Friday, November 08, 2013

Americans Cut Back on Credit Card Use in September

MARTIN CRUTSINGER | AP Economics Writer

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WASHINGTON (AP) – Americans cut back on using their credit cards in September for the fourth straight month but boosted borrowing in the category that covers auto loans and student debt.

The Federal Reserve says consumers increased their borrowing by $13.7 billion in September to a seasonally adjusted $3.05 trillion. That is a record and follows a gain of $14.2 billion in August.

The increase was driven entirely by an increase in borrowing for auto and student loans, which rose $15.8 billion. Credit card debt fell $2.1 billion following a decline of $885 million in August.

The string of declines in credit card debt will likely hold back consumer spending, which accounts for 70 percent of economic growth.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 98 376 10,434
MORTGAGES 124 449 13,881
FORECLOSURE NOTICES 14 56 2,766
BUILDING PERMITS 196 798 23,420
BANKRUPTCIES 68 264 8,803
BUSINESS LICENSES 24 77 3,613
UTILITY CONNECTIONS 251 637 13,380
MARRIAGE LICENSES 21 93 3,117

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