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VOL. 128 | NO. 196 | Tuesday, October 8, 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 This material may not be published, broadcast, rewritten or redistributed.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 110 405 5,939
MORTGAGES 141 492 7,092
FORECLOSURE NOTICES 0 85 1,115
BUILDING PERMITS 161 1,006 12,591
BANKRUPTCIES 43 259 4,347
BUSINESS LICENSES 49 184 2,363
UTILITY CONNECTIONS 22 160 2,540
MARRIAGE LICENSES 31 108 1,235

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