Wednesday, May 04, 2016
Current Weather
Loading Current Weather....
Published: Tuesday, 1/10/2012

Consumer borrowing up by $20.4B in November


WASHINGTON — Americans are confident enough in the economy to return to a time-honored tradition: a little extra debt.

Consumer borrowing surged in November by $20.4 billion, the Federal Reserve said Monday. It was the third-straight rise and the largest monthly gain in a decade.

The jump in borrowing was largely because people took out more loans to buy cars and swiped their credit cards frequently to purchase holiday gifts.

In November, total consumer borrowing rose to a seasonally adjusted $2.48 trillion. That’s nearly at prerecession levels and up from a postrecession low point of $2.39 trillion reached in September, 2010.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.