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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 This material may not be published, broadcast, rewritten or redistributed.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 62 340 3,755
MORTGAGES 104 472 5,266
FORECLOSURE NOTICES 23 129 1,200
BUILDING PERMITS 0 574 9,139
BANKRUPTCIES 69 314 3,656
BUSINESS LICENSES 34 137 1,554
UTILITY CONNECTIONS 74 1,028 4,943
MARRIAGE LICENSES 20 114 1,024

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