Consumer Borrowing Falls as Less Is Put on Credit Cards
News from New York Times:

Americans cut back on their credit card use in July for a second consecutive month, suggesting that many remain cautious in the face of high unemployment and slow growth.

Total consumer borrowing dipped $ 3.3 billion in July from June, to a seasonally adjusted $ 2.705 trillion, the Federal Reserve reported Monday. The drop in credit card debt offset a small rise in a measure of auto and student loans.

The Fed also said Americans had borrowed much more than previously estimated after it revised consumer borrowing data back to December 2010. June’s figure was increased to $ 2.708 trillion, or $ 130 billion more than initially thought. That is also well above prerecession levels.

Consumer debt declined even though Americans increased their spending in July by the most in five months, according to government data released last week.

Consumers have been using credit cards much less since the 2008 financial crisis. Four years ago, Americans…………… continues on New York Times

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Consumer debt falls unexpectedly as credit cards stay in wallets
News from Los Angeles Times:

Federal Reserve Chairman Ben S. Bernanke checks out a Washington Nationals game. The Fed on Monday reported an unexpected drop in consumer credit. (Alex Brandon / Associated Press)

Are Americans falling out of love with their credit cards again?

Consumer borrowing unexpectedly fell $ 3.3 billion in July, driven entirely by a drop in revolving credit, the category that includes purchases made with plastic, according to a Federal Reserve survey released Monday.

The decline was a big surprise – estimates in a Bloomberg

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US consumers cut credit card use for 2nd month

Posted by administrator | 11/09/12 | Tagged Credit Card

US consumers cut credit card use for 2nd month
News from Fox News:

Americans cut back on borrowing in July for the first time in nearly a year. Credit card use fell for the second straight month, suggesting many consumers remain cautious in the face of high unemployment and slow growth.

Total consumer borrowing dipped $ 3.3 billion in July from June to a seasonally adjusted $ 2.705 trillion, the Federal Reserve said Monday. It was the first decline since August 2011. The drop in credit card debt offset a small rise in a measure of auto and student loans.

The Fed also said Americans have borrowed much more than previously estimated after it revised consumer borrowing data back to December 2010. June’s figure was increased to $ 2.708 trillion, or $ 130 billion higher than initially thought. It’s also well above pre-recession levels.

Consumer debt declined even though Americans boosted their spending in July by the most in five months, according to government data released last week.

Still, the job market has weakened substantially from the start of the year, which is keeping downward pressure on spending. In August, employers added just 96,000 jobs, down from 141,000 in July and well below the average 226,000 jobs a month in the January-March quarter.

Consumers have been using credit cards much less since the 2008 credit crisis. Four years ago, Americans had $ 1.0…………… continues on Fox News

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US consumers cut credit card use for 2nd month
News from San Francisco Chronicle:

WASHINGTON (AP) — Americans cut back on borrowing in July for the first time in nearly a year. Credit card use fell for the second straight month, suggesting many consumers remain cautious in the face of high unemployment and slow growth.

Total consumer borrowing dipped $ 3.3 billion in July from June to a seasonally adjusted $ 2.705 trillion, the Federal Reserve said Monday. It was the first decline since August 2011. The drop in credit card debt offset a small rise in a measure of auto and student loans.

The Fed also said Americans have borrowed much more than previously estimated after it revised consumer borrowing data back to December 2010. June’s figure was increased to $ 2.708 trillion, or $ 130 billion higher than initially thought. It’s also well above pre-recession levels.

Consumer debt declined even though America…………… continues on San Francisco Chronicle

… Read the full article


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