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VOL. 128 | NO. 176 | Tuesday, September 10, 2013

US Consumer Borrowing Rises $10.4 Billion in July

MARTIN CRUTSINGER | AP Economics Writer

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WASHINGTON (AP) – Americans cut back on using their credit cards in July for the second straight month, while taking on more debt to buy cars and attend school.

The Federal Reserve says consumers increased their borrowing $10.4 billion in July from June to a record high of $2.85 trillion. That followed an $11.9 billion gain in June.

A measure of borrowing that includes credit card debt fell $1.8 billion in July following an even larger $3.7 billion decline in June. A category that includes auto loans and student loans increased $12.3 billion after an even larger $15.6 billion gain in June.

The reduction in credit card debt suggests that consumers remain cautious about accumulating high-interest debt. That could hold back consumer spending, which accounts for 70 percent of economic activity.

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 This material may not be published, broadcast, rewritten or redistributed.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 81 301 17,656
MORTGAGES 101 347 22,998
FORECLOSURE NOTICES 38 76 4,504
BUILDING PERMITS 208 722 41,947
BANKRUPTCIES 61 237 16,629
BUSINESS LICENSES 11 61 5,762
UTILITY CONNECTIONS 60 256 25,125
MARRIAGE LICENSES 14 80 5,365

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