The U.S. Federal Reserve recently reported that consumer borrowing reached a record level of $18.2 billion in October 2013, following a $16.3 billion rise in September. Although the majority of this borrowing involved auto loans and student loans, a steady increase in the category that includes credit cards could mean that consumer spending will increase in coming months.
This article by AP economics writer Martin Crutsinger details the Federal Reserve report and the possible implications to our economy. The overall U.S. economy grew at an annual rate of 3.6% from July through September, up from 2.5% in the previous quarter. The Fed’s borrowing report tracks revolving credit, like credit card debt, as well as non-revolving credit, such as auto loans and student loans, but not mortgages, home equity loans, or other loans.
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