WASHINGTON (AP) — U.S. consumers sharply increased use of their credit cards in March, pushing up total borrowing at the fastest pace in more than a decade.
The Federal Reserve says total consumer borrowing rose $29.7 billion in March, a 10 percent increase. It was the largest percentage gain since a surge of 18.4 percent in November 2001, a month when consumer borrowing surged in response to government officials urging Americans to boost spending to support the economy following the September terrorist attacks.
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 percent, the biggest one-month gain in this category since July 2000. Borrowing for auto and student loans rose $18.6 billion, an increase of 8.5 percent.