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Household Borrowing Rises Most in Six Years in NY Fed Report

Consumer debt in the U.S. rose last quarter by the most in more than six years as Americans borrowed to buy homes and cars and to pay for education, according to a report by the Federal Reserve Bank of New York.

Household debt increased 2.1 percent, or $241 billion, to $11.52 trillion, the biggest gain since the third quarter of 2007, the report showed. The level of debt last quarter was $180 billion higher than a year earlier.