Consumer Borrowing Jumps at Fast Pace

Consumers have boosted their borrowing at the fastest pace in three months, turning increasingly to their credit cards to replace home equity loans as a source of ready cash. The Federal Reserve reported that consumer credit rose at an annual rate of 5.9 percent in August, the biggest increase since a 7.9 percent jump in May. People have been using their credit cards more to finance purchases now that home equity lines of credit are becoming harder to obtain.