Consumer Credit Falls for 2nd Straight Month

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009243-consumer-credit-falls-for-2nd-straight-mo/

By Rex Nutting, MarketWatch

Outstanding U.S. consumer debt fell for the second month in a row in November for the first time in 13 years, the Federal Reserve said Monday.

Outstanding credit dropped at an annual rate of 0.4%, or $649 million, in November to $2.156 trillion. In October, credit fell a revised $8.4 billion, or 4.7% annual rate. The October decline was the largest ever in dollar terms and the largest in percentage terms in 15 years.

The last time outstanding credit fell for two straight months was in May and June of 1992.

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