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G20: S. Koreans/Asians following the path ~~> American wealth destroyer CC : Consumer Credit Plummets by Record $21.6 Billion

| 08 Sep 2009 | 03:57 PM ET

Total U.S. consumer credit fell by a record $21.6 billion in July, Federal Reserve data showed on Tuesday, while June's decline was bigger than previously thought.

July consumer credit outstanding fell at a 10.4 percent annual rate to $2.47 trillion, suggesting that households were shying away from credit amid rising unemployment.

Analysts polled by Reuters had forecast consumer credit dropping by $4.0 billion in July. June's figures were revised to show a $15.5 billion drop, previously reported as a $10.3 billion drop.

Consumer credit has now declined for six consecutive months, the first time this has happened since the period from June 1991 to December 1991.

Nonrevolving credit, which includes closed-end loans for big-ticket items like cars, boats, college education and holidays, plunged a record $15.4 billion, or at a 11.7 percent annual rate, to $1.6 trillion.

Revolving credit, made up of credit and charge cards, dropped $6.1 billion, or at 8.1 percent rate, to $905.6 billion, the data showed.
URL: http://www.cnbc.com/id/32738637/