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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 This material may not be published, broadcast, rewritten or redistributed.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 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 22 77 1,556
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 84 341 5,300
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
MARRIAGE LICENSES 36 117 1,458

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