Consumer borrowing surged in November (AP)

WASHINGTON ? Americans increased their borrowing in November by the largest amount in a decade.

They took out more loans to buy cars and plunked down their credit cards to purchase holiday gifts, a sign of their growing confidence in the economy.

The Federal Reserve says total consumer borrowing rose $20.4 billion in November, the largest increase since a $28 billion gain in November 2001.

A category that measures credit card debt rose by $5.6 billion, the most since March 2008.

Another category that tracks auto loans increased $14.8 billion. That was very close to a $14.1 billion jump in July, which was the biggest increase since February 2005.

Source: http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http%3A//news.yahoo.com/s/ap/20120109/ap_on_bi_go_ec_fi/us_consumer_credit

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