Consumer borrowing in the U.S. climbed less than projected in March as Americans reduced credit-card purchases for the first time this year, Bloomberg News reported yesterday. The $7.97 billion increase followed an $18.6 billion advance the previous month that was the biggest since May 2012, Federal Reserve figures showed yesterday. The tempering of credit card use coincides with a slowdown in March consumer spending amid higher payroll taxes and limited income growth. At the same time, rising stock prices and home values are enabling households to repair finances, putting them in a position to take advantage of low borrowing costs for purchases such as new cars. Revolving debt, which includes credit cards, decreased by $1.71 billion following a $452.7 million increase. Personal spending in March rose 0.2 percent after a 0.7 percent gain in the prior month, the Commerce Department said on April 29. Incomes increased 0.2 percent following a 1.1 percent advance.
