TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Consumer debt up $16.2B in January

By The Associated Press
Friday, March 8, 2013, 12:01 a.m.
 

WASHINGTON — Americans stepped up borrowing in January to buy cars and attend school, while staying cautious about using their credit cards.

The Federal Reserve says consumer borrowing rose $16.2 billion in January from December to a total of $2.8 trillion. That's the highest level on record.

A category that covers student loans and auto loans grew $16 billion after an $18.3 billion gain in December.

Consumers barely increased credit card debt in January, when higher Social Security taxes lowered take-home pay for most workers.

A measure of credit card debt rose only $106.1 million. That followed a $3.2 billion drop in December.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. 2 top technology officers leave UPMC
  2. DQE Communication inks data deal with Iron Mountain
  3. EDMC reaches debt-restructuring deal with creditors
  4. Highmark denies premiums in federal insurance marketplaces affected by level of competition
  5. Banks Gas Services finds success in jobs outside shale industry
  6. In 10 years as public company, Google has reshaped IPO landscape, more
  7. PPG research helps vehicle, plane makers cut pounds from products
  8. Experts divided on Yellen strategy
  9. Squeezed by consumers’ focus on fresh foods, Heinz revamps frozen meals
  10. UPMC to help China build private medical center to boost public care there
  11. Hotels, restaurants lead job additions in Pittsburgh region
Subscribe today! Click here for our subscription offers.