Consumer Debt Hits $2.52 Trillion in January

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Consumers increased their borrowing in Jan., especially relying on credit cards to finance their purchases. The Fed reported Fri. that consumer credit increased at an annual rate of 3.3% in January. That was up from a 1.8% growth rate in Dec. and marked the fastest pace since Nov. The pickup in Jan. pushed up total consumer debt by $6.9 billion to $2.52 trillion.

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