Consumer borrowing up $20.5B in March

Consumer borrowing grew by $20.5 billion in March – the largest monthly increase since April 2014 realized a $26.7 billion jump – to land at a record $3.36 trillion, The Associated Press reports, citing Federal Reserve figures.

Borrowing in the category that includes credit cards increased $4.4 billion to $889.4 billion in March following declines in both January and March.

Additionally, borrowing in the category that includes auto and student loans climbed $16.2 billion to $2.47 trillion.

Increased credit card borrowing could be a sign that consumers are beginning to feel more confident about taking on debt, which is a good sign for the economy because consumer spending accounts for roughly 70 percent of economic activity.

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