WASHINGTON (AP) – U.S. consumers in November ran up nearly $28 billion in new debt on their credit cards and in the form of new auto and student loans, a sign of growing confidence in the economy.
The Federal Reserve says that consumer borrowing grew 8.8 percent, the most in more than two years, to $3.83 trillion. The Fed’s monthly consumer credit report does not cover home mortgages or any other loans secured by real estate such as home equity loans.
Americans are increasingly confident in the economy and are willing to borrow more to fund their consumption. Surveys show that Americans’ confidence in the economy reached a 17-year high in November, though it declined a bit last month. And retailers say early reports from holiday shopping have been mostly positive.
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