Consumers increased their borrowing in November at the fastest pace in three months, the Associated Press reported yesterday. Total borrowing in November climbed $24.5 billion, compared to a smaller $16.2 billion in October, the Federal Reserve reported. The increase pushed total debt to a record of $3.75 trillion. The acceleration reflected a big jump in the category that covers credit card debt, which rose $11 billion, compared to a much smaller $2.4 billion increase in October. It was the largest monthly advance since March and was a good sign at the start of the holiday shopping season. Growth in the category that covers auto loans and student loans slowed a bit in November, showing a rise of $13.5 billion after a $13.8 billion increase in October.
