Consumer Borrowing Falls By $7.94B in Nov. Biggest Drop In 65 Years!!
[quote] The Federal Reserve reported Thursday that borrowing on credit
cards, and for such things as auto loans, dropped at an annual rate of
$7.94 billion in November, the biggest decline in 65 years of record
keeping. That also was much larger than the $500 million decline
economists expected, and left total consumer credit outstanding at
The drop represented a decline of 3.7 percent from October, which
was the biggest fall in percentage terms since a 4.3 percent plunge in
Consumer borrowing is unlikely to rebound anytime soon. The major
automakers reported earlier this week that auto sales plunged by 36
percent in December as huge rebates and zero-percent loans couldn’t
persuade Americans to buy a new car.
[Ed. note: Article abbreviated and link added, with consent of castlewp, to avoid AP copyright infringement]
Instead of this being reported as the GREATEST NEWS IN THE LAST 65 years, the Wall St. Media reported this as a sign of a failing economy. WHAT?? We are finally getting it and not borrowing any more money that we can’t afford in order to get out of this mess and because this hurts the bankers and helps the people it’s bad for the economy.
Unbelievable!! What a scam!
Get out of all debt everyone.