IN BRIEF
WASHINGTON — Americans put more on their credit cards in May than in any single month since November 2007, one month before the Great Recession began.
But overall credit card use is still well below where it was just before the downturn. Economists say May’s increase was likely a temporary response to weaker hiring and poor wage growth and not a sign of sustained confidence in the economy.
“We might see additional increases in credit card debt in the coming months,” said Paul Edelstein, director of consumer financial economics at IHS Global Insight. “But they won’t match the May surge.”
Consumer borrowing rose by $17.1 billion in May from April, the Federal Reserve said Monday.
Deadline passes, few knocked offlineWASHINGTON — If you’re reading this online, you’re fine. The day that was supposed to see thousands of people knocked off the Internet has arrived, but only a few people were affected.Thousands of Internet users across the U.S. and beyond waited too long or simply didn’t believe warnings they would lose access to the Internet just after midnight because of malware that took over computers around the world more than a year ago.At 12:01 a.m. on Monday, the FBI turned off Internet servers that were functioning as a temporary safety net to keep infected computers online for the past eight months.FBI officials have been tracking the number of computers they believe still may be infected by the malware. As of Sunday night, there were about 41,800 in the U.S., down from 45,600 on July 4. Worldwide, the total is roughly 211,000 infected. An estimated 2.3 billion people around the world use the Internet, according to Internet World Stats.
