Business News: Americans borrowing more money

Business News

(CBS) - In Business News, consumers are borrowing more money, but not on credit cards.

The Federal Reserve says Americans borrowed more than $2.8 trillion dollars in June, which is the highest ever. Much of the money was in loans for homes, cars and college tuition.

At the same time americans cut their credit card debt by 2 point 7 billion dollars.

(CBS) - Younger adults are buying fewer cars.

Automakers say the percentage of 18 to 34 year olds buying cars has dropped more than 2 percent over the past five years.

Circumstance and affordability are two theories behind the reason.

The auto industry believes those numbers will improve as the economy gets better. 

(CBS) - A new report finds most American students also work.

The survey from Citigroup found four out of five high school and college students have jobs. The average student works 19 hours a week during the school year.

Nearly half of college kids say they need the money to pay for books and other school expenses.

18 percent also pay their own tuition. 


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