Consumer Borrowing keeps on rising, led by credit cards.

Even as mortgage foreclosures and bankruptcies continue to rise, the Federal Reserve Board reports a sharp increase in non-mortgage borrowing by Americans. Total was up 4.7%. to $2.4 trillion in May.

Revolving credit (mostly credit cards) led the surge, growing 9.8% to $894.8 billion. Divide that by 300 million and you get $3,000 in credit card debt for every man, woman and child in the country.

Car and boat loans also went up, but much more slowly, growing 4.4% to $1.5 trillion. The average bank rate on a 48-month new-car loan was 7.92% in May.

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