WASHINGTON (AP) — Consumers increased their borrowing in March by the largest amount in more than a year, using their credit cards and taking out more auto and student loans.
The Federal Reserve says consumer borrowing increased $17.5 billion in March, up from a gain of $13 billion in February. It was the biggest monthly increase since a $19.3 billion advance in February 2013.
The category that includes auto and student loans rose $16.4 billion while the category that covers credit card borrowing increased $1.1 billion.
The overall increase in consumer debt pushed total borrowing to a record $3.14 trillion.
Gains in borrowing are seen as an encouraging sign that people are more confident and willing to take on debt.