• debt

    Consumer Borrowing Dropped $7.9 Billion In November

    If there's one bright side to the current economic situation, it's that we seem to have finally stopped borrowing so much money. Bloomberg is reporting that consumer borrowing dropped by nearly $8 billion last November, the second month in a row and "the first back-to-back monthly decline since 1992."

    “Consumers have clammed up,” said Ken Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio, who forecast a decline. “The reduction in consumer credit doesn’t stop here, and will spill over into 2009. Households are bolstering their balance sheets.”

    More »

    6:28 PM on Thu Jan 8 2009
    By Chris Walters
    2,343 views, 29 comments

    Most discussed nicemarmot617: Um...could it be because no one is lending? You can't get a mortgage, credit card companies are slashing credit limits more »

  • 1

  • 1 of 1 for "Consumer borrowing"