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Consumer borrowing rose $17.5B in March

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By The Associated Press
Thursday, May 8, 2014, 12:01 a.m.
 

Consumers increased their borrowing in March by the largest amount in more than a year, using their credit cards and taking out more auto and student loans.

Consumer borrowing increased $17.5 billion in March, up from a gain of $13 billion in February, the Federal Reserve reported Wednesday. It was the biggest monthly increase since a $19.3 billion advance in February 2013.

The category that includes auto and student loans rose $16.4 billion, while the category that covers credit card borrowing increased $1.1 billion.

The overall increase in consumer debt pushed total borrowing to a record $3.14 trillion.

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