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US consumer debt increased $13.6B in August but credit card use fell for 3rd straight month

Americans cut back on using their credit cards in August for a third straight month, a sign that consumers remain cautious about spending.

The Federal Reserve says that consumers increased their borrowing $13.6 billion in August to a record high of $3.04 trillion. That followed a gain of $10.4 billion in July.

But once again the gain was driven entirely by auto and student loans. A measure of that debt rose $14.5 billion to $2.19 trillion. Credit card debt dropped $883.4 million to roughly $850 billion.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.79% dw 3.82%  
15 Y Fixed Graph 3.02% -- 3.02%  
30 Y Fixed Jumbo Graph 4.10% up 4.08%  
5/1 ARM Graph 3.14% up 3.13%  
5/1 Jumbo ARM Graph 3.18% dw 3.50%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.60% dw 4.61%  
$50K HELOC Graph 4.09% dw 4.10%  
$30K Loan Graph 4.90% dw 4.91%  
$50K Loan Graph 4.35% up 4.34%  
$75K Loan Graph 4.36% up 4.35%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.72% dw 2.74%  
36 M Used Graph 3.21% dw 3.22%  
48 M New Graph 2.97% up 2.96%  
48 M Used Graph 2.76% up 2.74%  
60 M New Graph 3.11% up 3.10%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.38% -- 0.38%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.47% -- 1.48%