U.S. consumers increased their borrowing in October, the Federal Reserve (Fed) said Friday, but at a slightly slower pace than in the previous month as credit card use slowed.
The Fed said that overall borrowing grew $13.2 billion after a $15.4 billion gain in September. The gains have pushed consumer debt excluding real estate loans to a record level of $3.28 trillion.
The category that includes credit card debt edged up $922 million after a rise of $1.4 billion in September. The category that covers auto loans and student loans jumped by $12.3 billion following a $14 billion increase in September.