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July 9, 2019

Consumers step up borrowing in May

WASHINGTON (AP) — U.S. consumers borrowed more on their credit cards in May and also took out more student and auto loans, a modest sign of economic health.

The Federal Reserve said Monday that consumer borrowing increased 5% that month, just below April's 5.2% rise. Total outstanding consumer debt, which excludes mortgages, stood at nearly $4.1 trillion in May.


 
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