Consumer Borrowing Increased 3.1% in April | Long Beach, CA

Yesterday The New York Times reported that consumer borrowing rose almost $7.2 billion in April. The number was fueled by increase demand for student loans and car loans. Analysts say that weak economy is also one of the reasons for the increase since the unemployed are taking out student loans to go back to school.

The news also said that credit card use has dropped nearly 19% in the last 20 months due to high unemployment, steep gas prices, and weak housing market.

Most economists say borrowing will continue to climb up this year, but they do not expect consumers to increase their debt.

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