Consumer Borrowing Increases
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WASHINGTON (AP) _ Buyers increased their borrowing on credit cards, auto loans and other types of consumer debt at an annual rate of 6.6 percent in January, the fastest pace in three months, the Federal Reserve reported Monday.
That represented an increase of $11.5 billion in borrowing from December, which was double what many economists had been expecting. It came after an increase of $8.7 billion in borrowing in December, which was revised up significantly from an initial estimate that borrowing had risen by just $3.1 billion in December.
