KKTV - Economy - Headlines

US Consumers Cut Back On Credit Card Use In March

By: By MARTIN CRUTSINGER AP Economics Writer
By: By MARTIN CRUTSINGER AP Economics Writer

WASHINGTON (AP) -- Americans cut back on using their credit cards in March, suggesting many were reluctant to take on high-interest debt to make purchases.

The Federal Reserve says consumer borrowing rose just $8 billion in March from February to a seasonally adjusted $2.81 trillion, the smallest increase in eight months.

The gain was driven entirely by more loans to attend school and buy cars. The category that measures those loans increased $9.7 billion.

A measure of credit card debt fell $1.7 billion and remains 17.2 percent below its peak set in June 2008.

Since the recession, consumers have been more cautious about using credit cards. Economists believe consumers will stay cautious this year, in part because of an increase in Social Security taxes that has reduced tax-home pay for most Americans.


KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 206472751