U.S. Consumer Borrowing Hits Fresh Record in July

WASHINGTON (AP) —

U.S. consumer borrowing climbed to a fresh record in July.

The Federal Reserve says consumer borrowing rose by $19.1 billion in July, pushing the total to a record $3.45 trillion. This followed an even larger $27 billion increase in June, the biggest one-month gain in credit since November 2001. The June increase was revised up significantly from an initial estimate of $20.7 billion.

In July, borrowing in the category that includes auto and student loans rose $14.8 billion, while the category for consumer card debt expanded $4.3 billion.

The Fed’s monthly report on credit does not cover home mortgages or other loans secured by real estate such as home equity loans.

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