WASHINGTON - Americans increased their borrowing in November, led by continued gains in auto and student loans.
The Federal Reserve says consumers
increased their borrowing by $12.3 billion in November to a seasonally adjusted
$3.09 trillion. That is a record level and follows an October increase of $17.9
Almost all of the November increase
came from an $11.9 billion rise in borrowing for auto loans and student loans.
Borrowing in the category that covers
credit cards ticked up only $457.8 million after surging in October.
Credit card borrowing plunged after the Great Recession
and consumers remain cautious about taking on high-interest debt. It has
gradually increased to its highest level in more than three years, but it's
still 16 percent below its peak of more than $1 trillion reached in 2008.