Consumers ramped credit card spending in October

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WASHINGTON (AP) – Consumers ramped up their credit card spending in October.

Total consumer borrowing rose in October by a seasonally adjusted $18.9 billion, up from a September increase of $9.6 billion.

The biggest increase in borrowing in three months was driven by a jump in use of credit cards.

Consumer credit is closely watched for indications that people are willing to keep borrowing to finance their spending.

Consumer spending accounts for 70% of U.S. economic activity.

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