SOUTHFIELD (WWJ) – Americans increased their borrowing in December for the second straight month. New numbers from the Federal Reserve finds borrowing rose by $19 billion in December, after a $20 billion gain in November.

According to WWJ Business Editor Murray Feldman, the typical credit score in Michigan is below the level that gets the best interest rates on loans — in the 650s.

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Feldman says there are warning signs that you’re in over your head.

“Credit councilors say if you can’t pay the minimum on your credit card bills you’re in trouble. It means you may never be  able to pay those card off,” said Feldman.

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“If you use one credit card to pay off another, you are literally borrowing from Peter to pay Paul and you’ll never get out of the routine,” he said. “And if you have one or more cards near your credit limit or over your credit limit, you’re in over your head.”

Consumer spending was flat in December, and the savings rate fell.

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