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Americans cut back on credit cards for 3rd month


October 07. 2013 3:37PM
Associated Press

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(AP) Americans cut back on using their credit cards in August for a third straight month, a sign that consumers remain cautious about spending.


The Federal Reserve says that consumers increased their borrowing $13.6 billion in August to a record high of $3.04 trillion. That followed a gain of $10.4 billion in July.


But once again the gain was driven entirely by auto and student loans. A measure of that debt rose $14.5 billion to $2.19 trillion. Credit card debt dropped $883.4 million to roughly $850 billion.


Associated Press


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