U.S. consumer credit drops

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U.S. consumer credit drops
« Thread Started on Dec 5, 2008, 7:13pm »

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U.S. consumer credit drops
Posted: 04:10 PM ET
By Ben Rooney
CNNMoney.com
NEW YORK (CNNMoney.com) — U.S. consumer borrowing unexpectedly decreased in October as the weak economy continued to weigh on household budgets.

The Federal Reserve said Friday that consumer borrowing fell by $3.6 billion in October to $2.578 trillion from an upwardly revised $2.581 trillion in September.

The annual rate of consumer borrowing fell by 1.6 percent in the month. In September, the annual rate grew by 3.1 percent.

Credit card borrowing, or revolving debt, declined at an annual rate of 0.2 percent. Non-revolving borrowing, including student and auto loans, fell $3.4 billion dollars, or 2.5 percent on an annual basis.