(WASHINGTON) — More families may be putting their financial houses in order. The government reports that credit card spending is down, despite an increase in available consumer credit.
The Federal Reserve reports Americans’ credit card borrowing dropped nearly $3 billion from August to September — the third drop in four months.
The Consumer Federation’s Stephen Brobeck says though Americans are spending, they are just using pay-as-you-go debit cards and cash rather than credit.
Still, consumers are taking on more debt, according to the Fed report, released Wednesday. The agency says consumers took out more student and auto loans in September.
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Sarah Anderson, Deseret News
Jethro Mullen Ivana Kottasova and Patrick Gillespie, CNN
Jeff Peterson, Deseret News