WASHINGTON – 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.