U.S. Consumer Borrowing Climbs to New Record in August
U.S. consumer borrowing advanced in August, as Americans took out more auto and student loans.
The Federal Reserve said Wednesday that consumer borrowing rose by $16 billion in August, pushing the total to a fresh record of $3.47 trillion.
The August advance was slightly below the July gain of $18.9 billion. In June, credit had soared by $27.2 billion, the largest increase since November 2001.
Borrowing for car and student loans expanded by $12 billion in August. Borrowing in the category that covers credit cards rose by $4 billion.
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