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updated: 12/7/2012 4:13 PM

Consumer borrowing rises to record $2.75 trillion

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  • Associated Press/Nov. 1, 2012 A shopper checks winter jackets in a Nordstrom rack in Chicago.

      Associated Press/Nov. 1, 2012 A shopper checks winter jackets in a Nordstrom rack in Chicago.

 
Associated Press

WASHINGTON -- Americans swiped their credit cards more often in October and borrowed more to attend school and buy cars. The increases drove U.S. consumer debt to an all-time high.

The Federal Reserve says consumers increased their borrowing by $14.2 billion in October from September. Total borrowing rose to a record $2.75 trillion.

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Borrowing in the category that covers autos and student loans increased by $10.8 billion. Borrowing on credit cards rose by $3.4 billion, only the second monthly increase in the past five months.

The strong rise in borrowing came in a month when American cut back on consumer spending, reflecting in part disruptions from Superstorm Sandy.

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