Business

US consumer borrowing jumps by most in 3 years

By Christopher Rugaber
Published September 8, 2014 7:41pm ET
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US consumer borrowing jumps by most in 3 years
FILE - In this Thursday, Nov. 28, 2013 file photo, a man pays with a credit card while shopping at KMart, in New York. The Federal Reserve reports on consumer borrowing for July 2014 on Monday, Sept. 8, 2014. (AP Photo/Julio Cortez, File) | Julio Cortez

WASHINGTON (AP) — U.S. consumers stepped up their borrowing in July, led by rising auto loans and higher credit card balances.

The Federal Reserve said Monday that overall consumer borrowing jumped $26 billion in July to $3.24 trillion. The 9.7 percent increase matches April’s gain as the largest in three years.

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