DEBTS CUT: Americans cut back on borrowing in July for the first time in nearly a year. Credit card use fell for the second straight month, suggesting many consumers remain cautious in the face of high unemployment and slow growth.
FRUGAL CONSUMERS: Total consumer borrowing dipped $3.3 billion in July from June to $2.705 trillion, the Federal Reserve said Monday. Credit card debt has fallen from $1.03 trillion four years ago to $850.7 billion in July.
STUDENT LOANS JUMP: The category that includes auto and student loans has jumped to $1.85 trillion from $1.56 trillion in that time. Student loans totaled $914 billion in the April-June quarter, up from $611 billion nearly four years ago.
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