WASHINGTON – Americans borrowed more to buy cars and attend school in November, gains that pushed consumer debt to an all-time high.
The Federal Reserve says consumers increased their borrowing by $16 billion in November compared with October. Total borrowing rose to a record $2.77 trillion.
Borrowing in the category that covers autos and student loans increased $15.2 billion. Credit card debt rose just $817 million.
Consumer spending rebounding in November, helped by lower gas prices and solid job growth that carried over into December. Employers added 155,000 jobs in December and 161,000 in November.