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American Consumers Shun Plastic but Borrow More for Homes and Cars, Fed Report Shows

Americans continue to shy away from adding onto their credit cards even as they borrow more to buy houses and cars, according to a new report from the Federal Reserve Bank of New York.
Household debt overall rose by $87 billion, or 0.6%, to $14.35 trillion in the third quarter compared with the second quarter, the New York Fed said. But credit-card balances declined by $10 billion to $810 billion. That followed a $76 billion decline in the second quarter, the steepest drop in data going back to 1999.
That…
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