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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 3.85% up 3.81%  
15 Y Fixed Graph 2.97% up 2.91%  
30 Y Fixed Jumbo Graph 4.28% up 4.27%  
5/1 ARM Graph 3.38% up 3.09%  
5/1 Jumbo ARM Graph 3.66% up 3.55%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.75% dw 4.77%  
$50K HELOC Graph 4.04% -- 4.04%  
$30K Loan Graph 4.99% dw 5.00%  
$50K Loan Graph 4.35% -- 4.35%  
$75K Loan Graph 4.35% -- 4.35%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.65% up 2.63%  
36 M Used Graph 3.17% up 3.14%  
48 M New Graph 2.93% up 2.91%  
48 M Used Graph 2.79% -- 2.79%  
60 M New Graph 3.04% up 3.03%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.41% up 0.40%  
1 yr Graph 0.71% dw 0.72%  
5 yr Graph 1.45% -- 1.45%