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The Journal Gazette

Friday, December 07, 2012 6:57 pm

News Summary: Consumer borrowing rose in October

By The Associated Press

CHARGE! Americans swiped their credit cards more often in October and borrowed more to go to school and buy cars, pushing consumer credit up by $14.2 billion in October, compared to September.

BIG TAB: The October increased pushed consumer credit to an all-time high of $2.75 trillion.

GIVING THEM CREDIT: Economists believe that an improving labor market should keep consumer borrowing rising at a moderate pace in coming months, which should help to boost consumer spending.