Consumer borrowing rose in November

updated 3:29 p.m. ET Jan. 8, 2008

WASHINGTON - A rebound in consumer borrowing during November as credit card debt posted its biggest gain in six months.

The Federal Reserve reports consumer credit shot up at an annual rate of 7.4 percent following a gain of just 1 percent in October.

The category that includes credit card debt was up at an annual rate of 11.3 percent, reflecting the fact that shoppers continued to pull out the plastic to finance purchases now that home equity lines of credit are harder to get.

The category that includes auto loans also rose in November, but at a more moderate rate of 5.1 percent after having fallen 3.5 percent in October.

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