Consumer borrowing climbed by $20.4 billion in November, spurred by holiday spending.
Consumer borrowing climbed by $20.4 billion in November, spurred by holiday spending.
It was the third straight increase and the largest monthly gain in a decade.
The jump in borrowing was largely because people took out more loans to buy cars and swiped their credit cards frequently to purchase holiday gifts.
In November, total consumer borrowing rose to a seasonally adjusted $2.48 trillion. That’s nearly at pre-recession levels and up from a post-recession low point of $2.39 trillion reached in September 2010. Borrowing had tumbled for more than two years during and immediately after the recession.
Read more at OregonLive.com.
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