Consumers boost borrowing $16 billion in October
WASHINGTON — Consumers increased their borrowing in October at the slowest pace in four months as growth in credit card debt and the category that covers auto loans and student loans slowed.
Total borrowing rose $16 billion after a $21.8 billion increase in September, the Federal Reserve reported Wednesday. The October increase was the smallest since a gain of $14.5 billion in June.
Revolving credit, which covers credit cards, increased $2.3 billion in October.