The Federal Reserve reports a $16.5 billion in jump in consumer borrowing in February, following on the heels of a $13.5 billion increase in January, pushing up total borrowing to an all-time high of $3.13 trillion.
Credit card use dropped $2.4 billion in February, following a decrease of $241 million in January. This marks the third decrease in the past four months. Credit card debt totaled $854.2 billion in February, up 0.5 percent from the year-ago period but down 17.3 percent from its July 2008 peak.
However, the category that includes auto and student loans rose $18.9 billion in February, marking the largest one-month increase in a year. Auto and student loan debt totaled $2.28 trillion, up 7.7 percent year-over-year.