American Consumers' Borrowing Up $16.5B in February

April 8, 2014
Associated Press 
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.

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.