One of the signs of American’s unwillingness to spend when unemployment is so high is the latest statistics from the Federal Reserve Bank on consumer use of credit. It’s down for the fifth straight month.
Revolving debt—credit card debt primarily—declined by $4.48 billion in June after a $7.15 drop in May. On the other hand, non-revolving debt such as college and auto loans, increased by $3.14 billion in June and $1.87 billion in May.
Overall, the decline in consumer credit was $1.34 billion in June following a $5.28 billion drop in May. Consumers are learning to save more and pay down debt... Click here to read the rest of this article about consumer credit and unemployment
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