Consumer Credit Down Record $7.204B in Oct

Ackerman, Andrew
December 2005
Bond Buyer;12/8/2005, Vol. 354 Issue 32274, p2
Trade Publication
This article focuses on a report released by the U.S. Federal Reserve Board which shows that borrowing by Americans fell at an annualized rate of 3.99%, or about $7.204 billion, in October 2005, the largest-ever numerical decline in overall consumer credit. The 3.99% fall brought consumer credit down to $2.157 trillion, the largest percentage drop since an 8.81% fall in December 1990. The decline in consumer credit came as revolving credit fell at an annualized rate of 2.44% in October 2005, and non-revolving credit lines, which include automobile loans and borrowing for purchases, also fell by record amounts.


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