World Economy

US Consumer Borrowing Rises

US Consumer Borrowing RisesUS Consumer Borrowing Rises

US consumers sharply increased use of their credit cards in March, pushing up total borrowing at the fastest pace in more than a decade, AP reported. The Federal Reserve reported Friday that total consumer borrowing rose $29.7 billion in March, a 10% jump from the previous month. It was the largest percentage gain since a surge of 18.4% in November 2001. Total borrowing rose to a fresh record of $3.59 trillion. Borrowing in the category that includes credit cards jumped $11.1 billion, or 14.2%, the biggest one-month gain in this category since July 2000. Borrowing for auto and student loans rose $18.6 billion, up 8.5%.