In November, Americans took on debt to buy cars and attend school, but they remained cautious with credit card debt. According to The Federal Reserve, consumers increased their borrowing to a seasonally adjusted record of $2.77 trillion.
Loans used for cars and school bills increased by $15.2 billion. The difference in borrowing patterns shows a broader trend that began during the recent recession. Many of those who are out of work because of the economy are going back to school with hopes of a better career.
And the good news is that students and car buyers are going to credit unions for their loans. The National Credit Union Association (NCUA) reported that loans by credit unions have increased for six quarters in a row.