Consumers increased their borrowing in January at the slowest pace in more than a year with borrowing on credit cards actually declining for the second time in the last three months.
The Federal Reserve reports that consumer borrowing expanded $11.6 billion in January following a $17.9 billion gain in December. It was the smallest monthly increase since borrowing rose by $8.3 billion in November 2013.
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Borrowing in the category that includes credit cards actually declined by $1.16 billion in January following a $6.2 billion increase in December and a decrease of $537 million in November. Borrowing in the category that covers auto loans and student loans rose $12.7 billion in January after a gain of $11.7 billion in December.