Consumer credit down for 11th month

Americans borrowed less for an 11th consecutive month in December, paying off credit cards while increasing borrowing for cars and other products.

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The mixed picture raises hopes that Americans may soon return to spending, a necessary condition for economic recovery.

But the record 11-month decrease in overall borrowing shows consumers are still holding back amid lingering economic uncertainty and 9.7 percent unemployment.

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The Federal Reserve said Friday that total borrowing dropped by $1.8 billion — far less than the revised $10.6 billion for November. It also was well below the $9 billion analysts had expected.

Borrowing on credit cards fell by $8.5 billion, while other types of loans increased by $6.8 billion.