Consumer borrowing slowed in June to the smallest increase in three months as a jump in auto loans and student loans was offset by a big drop in borrowing on credit cards, the Associated Press reported. Overall consumer borrowing increased by $14.6 billion in June after a $17.8 billion advance in May, the Federal Reserve reported yesterday. It was the smallest increase since a $9.9 billion gain in March. Auto and student loans rose by $14.7 billion, the biggest gain since December. Borrowing in the category that covers credit cards fell by $80.5 million following a gain of $7.5 billion in May. It was the third monthly decline in the credit card category in the past seven months. The overall June increase pushed consumer credit to a new record of $4.1 trillion. The Fed's monthly credit report does not cover mortgages or any other debt secured by real estate such as home equity loans.
