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Monday December 11th, 2017 6:28AM

US consumer borrowing up $20.5 billion in October

By The Associated Press

WASHINGTON (AP) — American consumers increased their borrowing by $20.5 billion in October. It was the biggest gain in 11 months and reflected strong increases in the use of credit cards and in auto and student loans.

The October followed a $19.2 billion gain in September and was the best showing since borrowing rose by $24.5 billion in November 2016.

The category that covers auto loans and student loans was up $12.2 billion, slightly slower than the $13.2 billion rise in September but still a solid performance. Borrowing in the category that covers credit cards rose by $8.3 billion, up from a $6 billion increase in September and the strongest showing since November.

The solid gains were good signs for strength in consumer spending heading into the holiday shopping season.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Personal Finance
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