Consumer borrowing rose
The big increase pushed total borrowing to a fresh record of
Consumers had increased borrowing by
Over the past year, consumers have become more confident and have been willing to take on debt. Most of those gains have come in the category that covers auto and student loans. Credit card borrowing has been rising more slowly.
Borrowing on credit cards plunged after the Great Recession as financial institutions tightened lending standards and households became more cautious about taking on high-interest debt at a time when millions of people were losing their jobs.
Even with recent gains, credit card debt is still 15.7 percent below its peak above
The measure of auto loans and student loans in December stood at
A separate quarterly report on consumer credit done by the Federal Reserve Bank of
The Fed's borrowing report tracks credit card debt, auto loans and student loans but not mortgages or home equity loans.
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