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US consumers increased their borrowing by $11.6 billion

FILE - In this Oct. 28, 2014 file photo, shoppers check out at the Century 21 Department Store in Philadelphia. The Federal Reserve releases consumer credit data for January on Friday, March 6, 2015. (AP Photo/Matt Rourke, File) FILE - In this Oct. 28, 2014 file photo, shoppers check out at the Century 21 Department Store in Philadelphia. The Federal Reserve releases consumer credit data for January on Friday, March 6, 2015. (AP Photo/Matt Rourke, File)

By Associated Press March 6, 2015 1 min read

WASHINGTON (AP) – Consumers increased their borrowing in January at the slowest pace in more than a year with borrowing on credit cards actually declining for the second time in the last three months.

The Federal Reserve reports that consumer borrowing expanded $11.6 billion in January following a $17.9 billion gain in December. It was the smallest monthly increase since borrowing rose by $8.3 billion in November 2013.

Borrowing in the category that includes credit cards actually declined by $1.16 billion in January following a $6.2 billion increase in December and a decrease of $537 million in November. Borrowing in the category that covers auto loans and student loans rose $12.7 billion in January after a gain of $11.7 billion in December.