US consumer debt up to $14.1B in November

WASHINGTON (AP) — U.S. consumers increased their borrowing in November, as stronger demand for auto and student loans offset a drop in credit card debt.

The Federal Reserve said today that consumer borrowing rose by $14.1 billion after a $16 billion increase in October. The gains have pushed consumer debt excluding real-estate loans to a record level of $3.3 trillion.

The latest figures suggest that an improving economy and strong employment gains over the past year may be making consumers more comfortable with ramping up their borrowing.

The category that includes credit-card debt fell by $946 million after an increase of $1.48 billion in October. The decline was outweighed by a $15 billion increase in the category that covers auto and student loans. Borrowing for education and cars has risen rapidly this year.