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VOL. 128 | NO. 219 | Friday, November 8, 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 This material may not be published, broadcast, rewritten or redistributed.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 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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