US consumer cut back on credit card use in April
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WASHINGTON (AP) — U.S. consumer borrowing increased more slowly in April, restrained by a sharp reduction in credit card debt.

The report suggests Americans may be resisting their credit cards after seeing employers pull back on hiring this spring.

The Federal Reserve said Thursday that consumers increased borrowing by $ 6.5 billion in April. That’s just half the March gain.

The increase was driven by a $ 9.96 billion rise in a category that measures auto and student loans. That offset a $ 3.4 billion drop in credit card debt, the first decline since January.

Total borrowing rose to a seasonally adjusted $ 2.55 trillion. That was slightly below the all-time high of $ 2.58 trillion reached in July 2008, eight months after the Great Recession began.

Consumers had begun to use their credit cards more freely at the start of the year, a move that coincided with solid job gains over the winter. But hiring slowed sharply in April and May, which may have forced some to cut back on their plastic.

Employers added just 69,000 jobs in May, the fewest in a year, and…………… continues on

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Should Credit Card Complaints be Hush-Hush or Open to All?
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Should your beef with your credit card issuer be a matter of public record?  Or should  the details be hidden?

Those are the questions regulators from a federal financial watchdog agency are grappling with as they craft a policy on how best to disclose the details of thousands of credit card complaints they receive each year.

Getting the word out about credit card complaints — minus personal information that could identify the complainer — could potentially help someone else avoid the same mistakes or help lawmakers draft measures to prevent future problems, says the Consumer Financial Protection Bureau (CFPB).

Open and closed debate

“By enabling more informed decisions about credit card use, the CFPB intends for its complaint data disclosures to improve the transparency and efficiency of the credit card market,” the agency stated. Earlier this year, the bureau sent out requests for comments on a proposed policy for handling public release of details of credit card complaints. Regulators have not yet issued a final policy, but are expected to do so in the coming months.

Under the CFPB proposal, the public would have online access to a database maintained by the agency. Users w…………… continues on Fox Business

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