WASHINGTON — Americans boosted their borrowing in October, led by another big increase in auto and student loans and the biggest rise in credit card debt in five months.
Consumers increased their borrowing by $18.2 billion in October to a seasonally adjusted $3.08 trillion, the Federal Reserve reported Friday. That is a record level.
The increase was led by a $13.9 billion rise in borrowing for auto loans and student loans. But borrowing in the credit card category rose by $4.3 billion following a decline of $218 million in September.