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US Consumer Borrowing Up
World Economy

US Consumer Borrowing Up

US consumer borrowing hit another record in June, good news for the American economy, AP reported. Americans piled on another $20.7 billion in debt in June, bringing total consumer borrowing to a record $3.42 trillion, the Federal Reserve reported. In June, borrowing in the category that includes auto and student loans rose by $15.2 billion. Borrowing in the category that includes credit cards rose by $5.5 billion. The Fed’s monthly report on credit does not cover home mortgages or other loans secured by real estate such as home equity loans. Economists expect consumers to borrow and spend more the rest of the year. That would boost growth in a country where consumer spending accounts for nearly 70% of economic activity.

 

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