Consumers picked up their borrowing by $16.1 billion in January, hitting an all-time high.
A 10 percent increase in the category that includes student and auto loans drove up the total amount of borrowing to nearly $2.8 trillion, the Federal Reserve reported on Thursday.
Out of the $16.1 billion increase, $16 billion of that was used for auto and student loans while consumers remained cautious about increasing their credit card use. That follows up an $18.3 billion gain in December.
Credit card spending increased 0.1 percent, or by about $106 million, in January after December registered a 4.4 percent drop.