News Summary: US consumer credit rises $11.4B
MORE BORROWING: Americans took out more student and auto loans in September, boosting consumer borrowing to a record level. But they cut back on credit card borrowing, a sign many remain cautious about taking on high-interest debt.
STUDENT LOANS RISE: Consumer borrowing rose $11.4 billion, the Federal Reserve said Wednesday. The increase was driven mostly by more student loans, perhaps reflecting the start of the academic year.
LESS CREDIT CARD DEBT: Credit card borrowing fell $2.9 billion, the third decline in four months. With unemployment high and the economy weak, many consumers are reluctant to build up credit card debt.
