US credit card debt shrinks in January
WASHINGTON (AP) - Consumers pulled back on credit card debt in January, leading to the smallest increase in consumer borrowing in more than four years.
The Federal Reserve says total borrowing rose $8.8 billion in January compared to an increase of $14.8 billion in December. It was the smallest monthly gain since borrowing only went up $7.6 billion in July 2012.
The slowdown reflected a big reduction in the category that covers credit card debt, which fell $3.8 billion in January. It marked the first time credit card debt had fallen since February 2016 and was the biggest reduction since October 2010.
FILE - In this June 8, 2015, file photo, credit card customers are directed to a pay station at the green market in downtown Miami. On Tuesday, March 7, 2017, the Federal Reserve releases its January report on consumer borrowing. (AP Photo/J Pat Carter, File)
Borrowing for auto loans and student loans rose $12.6 billion in January, slightly more than in December.
