10/8/2009

The Federal Reserve said the total amount of consumer credit outstanding dropped by $12 billion in August, a 5.8% annual rate and the seventh consecutive month of declining consumer borrowing. This is the first time consumer credit in the U.S. has declined for seven months in a row since 1991. "Credit is being squeezed on both sides," said Sean Maher, an economist with Moody's Economy.com.

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