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Confident Consumers Step Up Their Borrowing

Wall Street Journal (08/14/13) Eric Morath

U.S. consumers are increasing their borrowing to purchase automobiles, homes, and other goods, which potentially could boost the economy. Federal Reserve Bank of New York figures showed yesterday that automobile lending increased by $20 billion in the second quarter from the first three months of the year. That was the biggest gain in seven years. At the same time, total consumer debt fell by $78 billion from April through June to $11.15 trillion—its lowest level since 2006.