Oct 01
American consumers appear to be engaging in some binge borrowing.
The Federal Reserve reports that consumer borrowing increased at an annual rate of 7.4% in November. That’s much higher than the 1% increase reported in October.
The segment of borrowing that includes debt from credit cards skyrocketed at a yearly rate of 11.3%. That’s a 6-month high. The surge apparently means that consumers are relying more heavily on credit cards, now that home equity lines of credit are drying up. Read more
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