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Americans Borrow More Heading Into The Holidays

Remember when everyone said that a financial crisis would cure Americans of their credit habit? WRONG! U.S. consumer credit in October was up for the second straight month, with both revolving (mostly credit cards) and non-revolving (student and auto loans) increasing.

The Federal Reserve said that total consumer credit increased $7.65 billion, or an annual rate of 3.75 percent; revolving credit was up $366.2 million, or an annual rate of 0.6 percent; and non-revolving credit gained $7.28 billion, an annual rate of 5.25 percent.