U.S. consumer borrowing continues to decline

10/8/2010 | Bloomberg

Consumer borrowing in the U.S. declined $3.34 billion in August after it dropped more than $4 billion the previous month, as Americans continued to reduce credit card balances and remained reluctant to charge up more debt, according to the Federal Reserve. "People are spending cautiously and getting their debts down," said Gary Thayer, chief macro strategist at Wells Fargo Advisors. "It's holding back the economy, but it's good for the long run."

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