U.S. consumer credit sees record drop

09/9/2009 | Reuters

The Federal Reserve said U.S. consumer credit declined for the sixth straight month in July, plunging a record $21.6 billion after a $15.5 billion drop in June. The annualized rate of decline in July was 10.4%, and nonrevolving credit dropped at an annualized rate of 11.7%. The data cast doubt on the notion that household spending will help power the economy out of the recession.

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