Consumers cut back credit card use in June
News from State Journal:

  • Consumers cut back credit card use in June

    Consumers cut back credit card use in June

    Sunday, August 12 2012 8:47 AM EDT2012-08-12 12:47:11 GMT

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Americans cut back on credit card use in June
News from CBS News:

(AP) WASHINGTON – Americans cut back on credit card use in June, further evidence that high unemployment and slow growth has made consumers more cautious about spending.

Overall consumer borrowing rose because of increases in auto and student loans. The Federal Reserve says total borrowing increased 3 percent to $ 2.58 trillion in June from May. That’s just below the all-time high reached in July 2008.

Credit card debt fell 5 percent to $ 864.6 billion. That’s only 1.6 percent above the post-recession low reached in April 2011. Americans have been relying less on credit cards since the 2008 financial crisis and Great Recession.

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A category of borrowing that includes auto and student loans increased 7 percent to $ 1.71 trillion.

Steady gains in student loans have pushed borrowing back to near-record levels. Total student loan debt has jumped 54 percent since mid-200…………… continues on CBS News

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