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Consumer Borrowing in U.S. Increases at Fastest Pace Since 2001
Household borrowing surged in March at the fastest pace since November 2001 as financing for automobiles picked up and Americans’ outstanding credit-card debt soared. The $29.7 billion increase, or an annualized 10 percent, exceeded the highest estimate in a Bloomberg survey and followed a revised $14.1 billion gain the prior month, Federal Reserve figures showed Friday. Revolving credit, which includes credit-card spending, posted the biggest annualized advance since July 2000. With employers still hiring at a decent clip, consumers may be growing more comfortable carrying bigger credit-card balances and taking ... (full story)