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US consumer borrowing rises to record $2.75T in October, helped by more credit card debt

Americans swiped their credit cards more often in October and borrowed more to attend school and buy cars. The increases drove U.S. consumer debt to an all-time high.

The Federal Reserve says consumers increased their borrowing by $14.2 billion in October from September. Total borrowing rose to a record $2.75 trillion.

Borrowing in the category that covers autos and student loans increased by $10.8 billion. Borrowing on credit cards rose by $3.4 billion, only the second monthly increase in the past five months.

The strong rise in borrowing came in a month when American cut back on consumer spending, reflecting in part disruptions from Superstorm Sandy.

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Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.92% dw 3.97%  
15 Y Fixed Graph 3.00% dw 3.08%  
30 Y Fixed Jumbo Graph 4.23% dw 4.37%  
5/1 ARM Graph 3.48% up 3.44%  
5/1 Jumbo ARM Graph 3.66% up 3.65%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.56% dw 4.59%  
$50K HELOC Graph 4.07% up 4.06%  
$30K Loan Graph 4.96% dw 4.98%  
$50K Loan Graph 4.34% -- 4.34%  
$75K Loan Graph 4.34% -- 4.34%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.66% dw 2.67%  
36 M Used Graph 3.18% -- 3.18%  
48 M New Graph 2.94% -- 2.94%  
48 M Used Graph 2.79% -- 2.79%  
60 M New Graph 3.05% -- 3.05%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.40% dw 0.41%  
1 yr Graph 0.71% dw 0.73%  
5 yr Graph 1.50% up 1.45%