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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 4.25% dw 4.27%  
15 Y Fixed Graph 3.23% up 3.21%  
30 Y Fixed Jumbo Graph 4.56% dw 4.60%  
5/1 ARM Graph 3.37% -- 3.37%  
5/1 Jumbo ARM Graph 3.55% dw 3.59%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.36% up 4.34%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.07% up 4.98%  
$50K Loan Graph 4.50% up 4.39%  
$75K Loan Graph 4.50% up 4.39%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.92% up 2.91%  
36 M Used Graph 3.43% up 3.42%  
48 M New Graph 3.18% up 3.17%  
48 M Used Graph 2.92% -- 2.92%  
60 M New Graph 3.18% -- 3.18%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.33% dw 0.34%  
1 yr Graph 0.65% -- 0.65%  
5 yr Graph 1.35% up 1.33%