Borrowing up, credit card use down

Posted by administrator | 07/04/12 | Tagged Credit Card

Borrowing up, credit card use down
News from Albany Times Union:

WASHINGTON — Americans took out more loans to buy cars and attend school in February but used their credit cards less frequently for the second straight month.

The Federal Reserve said Friday that consumers increased borrowing by $ 8.7 billion, the sixth straight monthly increase.

The jump in borrowing was driven by $ 11 billion increase in the category that mostly measures demand for auto and student loans. Borrowing on credit cards fell by $ 2 billion after a $ 3 billion decline in January.

Total consumer borrowing rose to seasonally adjusted $ 2.52 trillion. That’s nearly at pre-recession levels and up from a post-recession low point of $ 2.39 trillion reached in September 2010. Borrowing had tumbled for more than two years during and immediately after the recession.

Consumer borrowing rose by $ 18.6 billion in January, following similar gains in December and November. The gains for those three months were the largest in a decade.

A rise in borrowing could suggest that consumers are feeling more confident about the economy. However, few are comfortable enough to step up credit card use. Consumers carried $ 799 billion in credit card debt in February — 15 percent less than they held in December 2007, the first month of the Great Recession. And student loan debt surpassed the $ 1 trillion mark for the first time at the end of last y…………… continues on Albany Times Union

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School, car loans up; card use down
News from The News Journal:

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Consumers borrowed more in Feb., but card debt declined
News from USA TODAY:

WASHINGTON – Americans took out more loans to buy cars and attend school in February but used credit cards less frequently for a second straight month.

  • By Justin Sullivan, Getty Images

    MasterCard and Visa credit card stickers hang in a window in San Francisco. Credit card use declined in February.

By Justin Sullivan, Getty Images

MasterCard and Visa credit card stickers hang in a window in San Francisco. Credit card use declined in February.

The Federal Reserve said Friday that consumer increased borrowing by $ 8.7 billion, sixth straight monthly increase.

The jump in borrowing was driven by an $ 11 billion increase in the category that mostly measures demand for auto and student…………… continues on USA TODAY

… Read the full article
.

Related News:

Consumers borrowed more in Feb., but card debt declined
News from The Tennessean:

WASHINGTON (AP) — Americans took out more loans to buy cars and attend school in February but used credit cards less frequently for a second straight month.

The Federal Reserve said Friday that consumer increased borrowing by $ 8.7 billion, sixth straight monthly increase.

The jump in borrowing was driven by an $ 11 billion increase in the category that mostly measures demand for auto and student loans. Borrowing on credit cards fell $ 2 billion after a $ 3 billion decline in January.

In February, total consumer borrowing rose to seasonally adjusted $ 2.52 trillion. That’s nearly at pre-recession levels and up from a post-recession low of $ 2.39 billion in September 2010. Borrowing had tumbled for more than two years during and immediately after the recession.

Consumer borrowing rose by $ 18.6 billion in January, following similar gains in December and November. The gains for those three months were the largest in a decade.

A rise in borrowing could suggest that consumers are feeling more confident about the economy. However, few are comfortable enough to step up credit card use. Consumers carried $ 799 billion in credit card debt in February — 15% less than in December 2007, first month of the Great Recession

The job market slowed in March after three of the best months of hiring since the recession. Employers added…………… continues on The Tennessean

… Read the full article


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