U.S. consumers increased their borrowing in November, as stronger demand for auto and student loans offset a drop in credit card debt.
The Federal Reserve says that consumer borrowing rose by $14.1 billion following a $16 billion increase in October. The gains have pushed consumer debt excluding real estate loans to a record level of $3.3 trillion.
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The category that includes credit card debt fell by $946 million after an increase of $1.48 billion in October. But the decline was outweighed by a $15 billion increase in the category that covers auto and student loans. Borrowing for education and cars has risen rapidly this year.