Consumers Cut Back on Credit Card Use
Washington, DC, Oct. 8, 2013 -- Americans cut back on using their credit cards in August for a third straight month, according to the Federal Reserve.
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However, consumers increased their overall borrowing $13.6 billion in August to a record $3.04 trillion, following a gain of $10.4 billion in July.
The increase in borrowing was driven entirely by auto and student loans, even as credit card debt dropped $883 million to roughly $850 billion.
Credit card debt is essentially where it was a year ago. And it is 16.9% below its peak in July 2008.