Quantcast
Home » News
Home » News

U.S. consumer borrowing up as credit card use rises

Published July 8, 2013 9:58 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Americans increased their borrowing in May at the fastest pace in a year. Borrowing in the category that includes credit cards reached its highest point since the fall of 2010.

Increased borrowing can be a sign that consumers are feeling more confident.

The Federal Reserve says consumers increased their borrowing by $19.6 billion in May compared with April. That was the biggest jump since a $19.9 billion increase in May 2012.

Total borrowing reached a record $2.84 trillion.

The category that includes credit card use rose $6.6 billion, also the largest gain in a year. Credit card debt reached $847.1 billion, the highest level since September 2010 but still below the 2008 peak.

Borrowing on autos and student loans increased $13 billion.