Friday, 06 February, 2009
Tightening credit and recession concerns have led U.S. consumers to reduce their debt in December for the third straight month. Total seasonally adjusted consumer debt decreased by $6.60 billion, or a 3.1% annual rate, in December to $2.56 trillion, the Federal Reserve reported Friday. This is the first three-month drop in credit since the second half of 1991. Consumer credit fell at a 5.1% pace in November and 1.0% in October. Credit-card debt had the biggest decline in December, falling by $6.3 billion, or 7.8%, in December to $976 billion. Non-revolving credit - such as auto loans, personal loans and student loans - fell a slim $287.7 million or 0.2% to $1.60 trillion had the biggest drop in October, falling by $3.3 billion, or 2.5%, to $1.60 trillion.
Source: http://www.marketwatch.com/
