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Paula Pant

Borrowing Up By $16 Billion, Mostly for Cars and School

By January 10, 2013

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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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