Consumer borrowing surges in November

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Consumer borrowing surged in November by $20.4 billion, the Federal Reserve said Monday. That's the largest monthly gain in a decade.

Consumers took out more loans to buy cars and swiped their credit cards frequently to purchase holiday gifts.

The Fed's category that measures credit card debt rose by $5.6 billion, the most since March 2008. Its gauge that tracks auto loans increased $14.8 billion, nearly matching July's gain that was the biggest since February 2005.

The third straight monthly increase in overall borrowing marks a departure from the more thrifty habits practiced during and immediately after the recession, when credit tumbled and the savings rate climbed. More...http://www.usatoday.com/money/story/2012-01-09/November-consumer-credit-surges/52469942/1