WASHINGTON (AP) -- Americans took out more loans to buy cars and attend school in February but used their credit cards less frequently for the second straight month.
The Federal Reserve says consumer borrowing increased by $8.7 billion, the sixth straight monthly increase.
The jump in borrowing was driven by $11 billion increase in the category that mostly measures demand for auto and student loans. Borrowing on credit cards fell $2 billion after a $3 billion decline in January.
In February, total consumer borrowing rose to seasonally adjusted $2.52 trillion. That's nearly at pre-recession levels and up from a post-recession low point of $2.39 billion reached in September 2010. Borrowing had tumbled for more than two years during and immediately after the recession.
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