Consumer Credit Chart
Derek Kravitz, AP Economics Writer, On Thursday September 8, 2011, 3:26 pm
WASHINGTON (AP) — Americans borrowed more money in July than any other month in more than three years. But they cut back on using their credit cards.
Consumer borrowing rose nearly $12 billion in July, the Federal Reserve said Thursday. Greater demand for school and auto loans fueled the increase. A category that measures credit card use fell in July after large increases in May and June.
Total consumer borrowing increased to a seasonally adjusted annual level of $2.45 trillion. That’s barely 2 percent above the four-year low reached in September.