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VOL. 128 | NO. 196 | Tuesday, October 08, 2013

Americans Cut Back on Credit Cards for 3rd Month

MARTIN CRUTSINGER | AP Economics Writer

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WASHINGTON (AP) – Americans cut back on using their credit cards in August for a third straight month, a sign that consumers remain cautious about spending.

The Federal Reserve says that consumers increased their borrowing $13.6 billion in August to a record high of $3.04 trillion. That followed a gain of $10.4 billion in July.

But once again the gain was driven entirely by auto and student loans. A measure of that debt rose $14.5 billion to $2.19 trillion. Credit card debt dropped $883.4 million to roughly $850 billion.

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 This material may not be published, broadcast, rewritten or redistributed.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 116 413 13,039
MORTGAGES 149 479 16,949
FORECLOSURE NOTICES 29 55 3,345
BUILDING PERMITS 176 701 28,395
BANKRUPTCIES 87 303 10,793
BUSINESS LICENSES 26 111 4,315
UTILITY CONNECTIONS 97 472 16,821
MARRIAGE LICENSES 25 100 3,791

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