Borrowing grows in U.S.
WASHINGTON — Americans boosted their borrowing in August by the largest amount in three months with strong gains in the category that covers auto and student loans and in credit card debt. Total consumer borrowing increased $18.1 billion in August compared to July, the Federal Reserve reported Friday. In July, consumer borrowing had fallen for the first time in nearly a year. The August rebound, along with a report showing the nation's unemployment rate fell to 7.8 percent in September, were seen as encouraging signs for the economy.
Estate plans are changing
CHICAGO — A growing number of retirees are looking to pass along more to the next generation than money and possessions. Life histories, ethical wills and video recordings are just some of the ways people are leaving their personal legacies for loved ones. Their use is becoming more common and small businesses are emerging to meet the demand. This sharing of values, wisdom and accomplishments is being encouraged by some financial planners as a complement to traditional estate planning. “There's an element regarding money, but it is really more about affirming your life as a legacy,” says Neal Van Zutphen, a certified financial planner in Mesa, Ariz.
From wire reports