Americans are borrowing more money to buy cars and get education, but they're not charging as much on credit cards, according to a recent New York Times report.
In November 2012, the most recent month for which there's complete data, American consumers borrowed an additional $16 billion dollars over what they borrowed in October 2012. In other words, borrowing is on the rise.
However, of the $16 billion, the majority -- $15.2 billion -- was for cars or student loans. Only $817 million was on credit cards.
The good news? Interest rates on cars and student loans are lower. So perhaps Americans are getting wiser and more strategic about borrowing ...Source: NY Times
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