Elise Amendola, File, Associated Press
WASHINGTON — 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.
The Federal Reserve says consumer borrowing increased $17.5 billion in March, up from a gain of $13 billion in February. 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.
Gains in borrowing are seen as an encouraging sign that people are more confident and willing to take on debt.
- Lawmakers looking to pump up gas tax this...
- Are you part of the global 'baby shortage'?
- Nintendo opens 2015 with some big announcements
- Kimberly Rotter: 7 weird things that affect...
- What's in a name? At Grand Canyon, history,...
- Knocking doors: What to know before signing...
- Randy Shumway: The winners and losers of...
- Another study lists Salt Lake as one of the...
- Lawmakers looking to pump up gas tax... 21
- EPA inventory highlights 'toxic'... 20
- Analysis: Obama seizes on recovery,... 17
- Obama's proposed mandatory paid... 13
- Utah has fourth largest gender wage... 12
- Are you part of the global 'baby... 12
- Another study lists Salt Lake as one of... 10
- Survey ranks Utah's best and worst... 9