U.S. Consumer Borrowing Climbs to New Record in August

WASHINGTON (AP) -

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.