News

Jul 8, 2011 3:14 PM by Matt Stafford

Consumers borrowed more for 8th month in May

WASHINGTON (AP) - Americans borrowed more in May for the eighth straight month and used their credit cards more for only the second time in nearly three years.

The Federal Reserve says consumer borrowing rose $5.1 billion following a revised gain of $5.7 billion in April. Borrowing in the category that covers credit cards increased, as did borrowing in the category for auto and student loans.

The increase in credit card borrowing marked only the second monthly gain since August 2008. Since the financial crisis, consumers have been cutting back on the use of credit cards, which has depressed economic growth because it has held back consumer spending.

»Comments

»Topics in this article

More News

Weather - Forecast
Story Photo

3 hours ago

Water Spigot Closing

The water spigot that has been turned on for parts of southern Colorado over the weekend will begin to shut for the...

Most Popular

Top Videos

1 2 3 4