WASHINGTON (AP) — Consumer borrowing rose at a slower pace in December, but that still pushed total borrowing to a new record above $4 trillion for the first time.
The Federal Reserve says borrowing increased by $16.6 billion in December after a $22.4 billion advance in November. The December increase nudged the total up to a record $4.01 trillion. Borrowing had crossed the $3 trillion mark back in June 2013.
Borrowing in the category that includes credit cards rose by $1.7 billion in December, down from a $4.8 billion November increase. Borrowing in the category that covers auto loans and student loans rose by $14.8 billion following a larger $17.6 billion gain the previous month.
Analysts expect further gains in consumer borrowing, supported by low unemployment and steady income gains.
