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

Published October 07, 2013

| Associated Press

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.

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http://www.foxnews.com/us/2013/10/07/us-consumer-debt-increased-136b-in-august-but-credit-card-use-fell-for-3rd/