Arrow-right Camera

The Spokesman-Review Newspaper The Spokesman-Review

Wednesday, September 18, 2019  Spokane, Washington  Est. May 19, 1883
Cloudy 55° Cloudy
News >  Business

U.S. consumer borrowing jumps 10 percent in March

By Martin Crutsinger Associated Press

WASHINGTON – U.S. consumers sharply increased use of their credit cards in March, pushing up total borrowing at the fastest pace in more than a decade.

The Federal Reserve says total consumer borrowing rose $29.7 billion in March, a 10 percent increase. It was the largest percentage gain since a surge of 18.4 percent in November 2001, a month when consumer borrowing surged in response to government officials urging Americans to boost spending to support the economy following the September terrorist attacks.

Total borrowing rose to a fresh record of $3.59 trillion. Borrowing in the category that includes credit cards jumped $11.1 billion, or 14.2 percent, the biggest one-month gain in this category since July 2000. Borrowing for auto and student loans rose $18.6 billion, an increase of 8.5 percent.

Subscribe to the Morning Review newsletter

Get the day’s top headlines delivered to your inbox every morning by subscribing to our newsletter.

You have been successfully subscribed!
There was a problem subscribing you to the newsletter. Double check your email and try again, or email webteam@spokesman.com