Consumers Boost Borrowing in November

By: The Associated Press
By: The Associated Press

WASHINGTON (AP) -- Consumers increased the amount of money they borrowed in November to buy cars and attend college, marking the first back-to-back consumer credit gains in more than two years.

The Federal Reserve says consumer debt rose $1.3 billion in November after a $7 billion increase in October. The October figure was double the gain that the government initially reported.

The strength came in the category that includes auto loans and student loans. The category that includes credit card debt fell for a record 27th month, although the November drop was smaller than the previous four months.

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