Consumers bolster borrowing but cut back credit card use

04/8/2011 | NPR.org

Consumer borrowing was up 3.8% in February, the fifth straight monthly increase, according to the Federal Reserve. Consumers borrowed more for their education and transportation, in the form of new cars, but they reduced their use of credit cards. Mark Zandi, chief economist at Moody's Analytics, said the shift could be beneficial. "I think households have done a good job of getting their financial books in order and that will lay the foundation for more prudent borrowing going forward," Mr. Zandi said.

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