Consumers weighed down by high debt loads, low savings rates

WASHINGTON - Consumers, weighed down by high debt loads and low savings rates, increased borrowing last year by the smallest amount in 13 years, the Federal Reserve reported Tuesday.

The government said that borrowing on credit cards, auto loans and other forms of consumer debt rose by 3 percent in 2005, down from rates above 4 percent in the previous three years and a 7.7 percent surge in 2001. It was the smallest increase since a 1 percent rise in 1992.

Consumer borrowing ended the year on an up note, rising at an annual rate of 1.9 percent in December following a weak 0.3 percent rate of increase in November and a plunge of 4 percent in October, a decline that reflected a big drop in auto sales.