Consumer Borrowing Plunges By $15.7 Billion In April

By: Associated Press Email
By: Associated Press Email

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Friday, June 5, 2009

Borrowing by consumers fell by $15.7 billion in April as U.S. households continued to trim spending and put away their credit cards amid a severe recession.

The Federal Reserve says the April decline was the second largest ever in dollar terms following March's drop of $16.6 billion. March's decline originally was reported as $11.1 billion, which had been the most on records dating to 1943.

The April decline is more than double the $6 billion drop that economists had expected.


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