US consumer borrowing rose $14 billion in November

Stock photo | St. George News

WASHINGTON (AP) — U.S. consumers boosted their borrowing in November, as higher credit card spending partially offset slower growth in auto and student loans.

Consumer borrowing rose $14 billion in November to a fresh record high of $3.53 trillion, the Federal Reserve said Friday. Economists believe that strong job gains in the labor market will boost consumer confidence and convince households to finance purchases by taking on more debt.

For November, the category that covers credit cards increased $5.7 billion after a much smaller $65 million gain in October.

The category that covers auto loans and student loans rose by $8.3 billion. That was the smallest monthly gain for this category in more than three years.

In its monthly credit report, the Fed does not break down auto loans and student loans in the seasonally adjusted data. However, analysts said they believed the slowdown occurred in student loans given that car sales have been so strong in recent months.

The overall monthly gain of $14 trillion was slightly below the October gain of $15.6 trillion. It was the smallest overall gain since an increase of $10.8 billion last January.

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  • GrandmaB January 9, 2016 at 8:33 am

    In a country where the populace is forced to use credit cards if they want a credit rating, which should be against some rational law out there, because we cannot earn a living wage, if we want any kind of life at all, we are forced to use the cards. This is the ultimate scam against the American people. This traps us in jobs that will never pay a living wage, paying off debt no one can afford, in a country that considers us fodder for the corporate/political and economic shills that are actually running this country. I don’t think the writers of the Constitution imagined we would be living in an oligarchy less than 300 years into our existence.

    • Chris January 9, 2016 at 9:59 am

      Wow, granny, you really don’t get it. Yes, you need to use credit cards, or other credit, to maintain a credit rating, but you don’t, and shouldn’t, go into debt. I literally charge every expense of my life on credit cards, but I have never paid a single cent of interest in my entire life. Just pay off the balances every month. Simply, don’t spend money you don’t have. Couldn’t you have figured that out yourself?

      • .... January 9, 2016 at 12:36 pm

        Granny has no concept of reality

  • .... January 9, 2016 at 10:09 am

    I’ve never had a credit card and never will. I always pay my bills on time and have excellent credit and I don’t need a credit card to maintain my financial responsibilities

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