» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 176 | Tuesday, September 10, 2013

US Consumer Borrowing Rises $10.4 Billion in July

MARTIN CRUTSINGER | AP Economics Writer

Print | Front Page | Email this story | Comments ()

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 This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 116 413 13,039
MORTGAGES 149 479 16,949
FORECLOSURE NOTICES 0 26 3,316
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

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.