News Summary: US consumer borrowing up in April
BORROWING UP: Americans increased their borrowing by $11.1 billion in April to a seasonally adjusted $2.82 trillion. That’s the 20th straight monthly gain to another record level.
AUTOS, STUDENT LOANS: A category that includes auto and student loans accounted for almost all of the increase, rising $10.4 billion. A measure of credit card debt rose only slightly, increasing by $682 million.
OUTLOOK: Consumers have been hesitant to run up high-interest credit card debt since the recession. And many are likely to stay cautious this year because higher Social Security taxes have reduced most paychecks.
(Copyright 2013 by The Associated Press. All Rights Reserved.)