Summary Box: Consumer borrowing up for 8th month

AP News
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Posted: Jul 08, 2011 4:23 PM
Summary Box: Consumer borrowing up for 8th month

CONSUMER CREDIT: Americans took on more debt in May for the eighth straight month. The increase pushed total consumer credit to a seasonally adjusted annual level of $2.43 trillion. That's 1.7 percent higher than the four-year low reached in September.

CREDIT CARDS: Borrowing on credit cards rose for only the second time in nearly three years. The category that includes auto and student loans also increased.

OUTLOOK: Borrowing is a sign of confidence in the economy. But economists do not expect sizable gains in coming months. High unemployment, slow wage growth and the weak housing market are making people more frugal.