Fewer people used their credit cards. And a measure of auto and student loan demand fell.
The Federal Reserve says total borrowing dropped by $9.5 billion in August. That follows an increase of $11.9 billion in July. Consumer borrowing had risen for 10 straight months before the August decline, which was the largest drop since April 2010
Borrowing for auto and student loans plunged $7.2 billion in August. A category that includes credit cards tumbled $2.3 billion.
