Nov. Consumer Borrowing at 4-Year High

U.S. consumers borrowed heavily in November, boosting their outstanding credit higher than in any month in four years, the Federal Reserve said. Outstanding consumer credit rose by $15.6 billion, or triple the $5.2-billion increase in October, far exceeding the $6.5-billion rise economists forecast. It was the largest increase since a $17.3-billion surge in November 1995. Revolving credit, primarily involving credit cards, bounced up by $4.4 billion, a 9.1% annual rate. Nonrevolving credit, which includes auto loans and loans for buying mobile homes and boats or financing education and travel, shot up by $11.2 billion, or a 17.1% annual rate.