Consumer borrowing dropped $9.5 billion in August

WASHINGTON

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.

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