WASHINGTON – Americans borrowed more in June to buy cars and attend schools. But they were frugal again with their credit cards, indicating many are still wary of taking on high-interest debt.
The Federal Reserve says borrowing by $13.8 billion in June from May to a seasonally adjusted $2.85 trillion, the highest ever. The gain followed a $17.5 billion increase in May.
The category that includes credit card use dropped $2.7 billion in June. That follows a gain of $6.4 billion in May, the largest in a year. Still, overall credit card debt has fallen 16.5 percent from its July 2008 peak.
Borrowing for autos and student loans rose $16.5 billion in June. This category has been driven by loans to pay for college.
