Consumer Credit Plunges $11.1 Billion in March

Consumer credit decreased at an annual rate of 2% in Q1’09, a Federal Reserve report showed on Thursday.

From Reuters: March U.S. consumer borrowing fell more than expected, plunging a record $11.1 billion…

In March, consumer credit decreased at an annual rate of 5-1/4 percent, reaching a total of $2.55 trillion. This was the biggest percentage drop since December 1990.

February’s decrease was revised to $8.1 billion from an originally reported $7.5 billion drop.

The Fed said revolving credit, made up of credit and charge cards, fell $5.4 billion, or at an annual rate of 6.8%, and  non-revolving credit, which includes closed-end loans for big-ticket items, dropped $5.7 billion, or at a 4.2 percent rate, to $1.6 trillion.

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