Consumers Borrowed $17.8 Billion More in January

Wednesday, 07 Mar 2012 03:11 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Americans stepped up borrowing in January to buy more cars and attend school, a reflection of their growing confidence in the economy.

The Federal Reserve says consumer borrowing rose by $17.8 billion in January after similar gains in December and November.

Total consumer borrowing has climbed back steadily to a seasonally adjusted $2.5 trillion. That nearly matches the pre-recession borrowing level.

The January gain was driven by $20.7 billion increase in category that mostly measures demand for auto and student loans. It was the biggest increase for that category since November 2001. Borrowing on credit cards fell $2.9 billion in January after four months of gains.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved