By Martin Crutsinger, The Associated Press on January 8, 2021.
WASHINGTON – U.S. consumer borrowing rose 4.4% in November, its strongest showing in five months, led by strong gains in auto and student loans that offset a drop in credit card borrowing.
The Federal Reserve said Friday that the rise represented an increase of $15.3 billion, the best showing since June.
Borrowing for autos and student loans increased by $16.1 billion, while borrowing in the category that includes credit cards fell by $786.7 million after a larger $5.5 billion drop in October.
The drop in credit card use was an indication consumers remain cautious about spending amid a spike in coronavirus cases in recent weeks.