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Consumers ramp up their borrowing
Business
Published in 9-1-2018
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U.S. consumer borrowing jumped 8.8 percent in November, the most in more than two years, a sign of growing confidence in the economy. The Federal Reserve said Monday that Americans added nearly $28 billion in credit card, student, auto and other debt in November. That brought outstanding consumer debt to a total of $3.83 trillion. And a category of debt made up mostly of credit cards jumped $11.2 billion, the most in a year, to $1.02 trillion. That is the highest level on record, without adjusting for inflation. Americans are increasingly confident in the economy and are willing to borrow more to fund their consumption. Surveys show that consumer confidence reached a 17-year high in November, though it declined a bit last month.
Reference: www.chron.com