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WASHINGTON – Consumers boosted their borrowing in September, defying expectations for a cutback.
The Federal Reserve’s report, released Friday, says consumer credit increased at a 3.2 percent annual pace in September. That was up from a 2.9 percent rate of decline in August and marked the biggest increase since July.
Consumer debt rose by $6.9 billion in September from the previous month to a total of $2.59 trillion. The Fed’s measure of consumer borrowing does not include any debt secured by real estate.
The pickup in September reflected an increase in demand for non-revolving credit.
