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VOL. 128 | NO. 176 | Tuesday, September 10, 2013

US Consumer Borrowing Rises $10.4 Billion in July

MARTIN CRUTSINGER | AP Economics Writer

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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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