Americans rack up additional credit card debt
WASHINGTON - Americans increased their borrowing in June 2006 at a much faster pace than expected, with the rise led by higher credit card debt.
The Federal Reserve reported Monday that consumer borrowing rose at an annual rate of 5.7 percent in June, up sharply from a 3.3 percent increase in May.
The June advance reflected a rise in consumer debt of $10.27 billion at an annual rate, much larger than the $3.7 billion increase economists had been expecting.
The Federal Reserve reported Monday that consumer borrowing rose at an annual rate of 5.7 percent in June, up sharply from a 3.3 percent increase in May.
The June advance reflected a rise in consumer debt of $10.27 billion at an annual rate, much larger than the $3.7 billion increase economists had been expecting.
Read more at: Credit Card Debt
posted by e-borneo.com @ 3:17 PM
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