US Consumer Borrowing Climbs To Record High In February


WASHINGTON (AP) – Consumers increased their borrowing in February, driven by a large jump in auto and student loans that offset a second monthly decline in credit card borrowing.

The Federal Reserve reports that consumer borrowing expanded $15.5 billion in February following a $10.8 billion gain in January. The February increase pushed borrowing to a fresh record of $3.34 trillion.

Borrowing in the category that covers credit cards actually declined by $3.7 billion following a $1 billion drop in January. But borrowing in the category that covers auto loans and student loans increased by $19.2 billion, the biggest monthly gain since July 2011.

Economists expect credit card use to rebound in coming months and help support solid gains in consumer spending this year.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.