Consumer credit decreases says Federal Reserve
May 08, 2009
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PrintConsumer credit decreased at an annual rate of 2 percent in the first quarter of 2009, according to the Federal Reserve. This is a reduction of $12 billion. This is due to revolving credit decreasing at an annual rate of $15.5 billion, and nonrevolving credit increasing at an annual rate of $3.5 billion.
At the end of the first quarter, consumer credit outstanding stood at a seasonally adjusted $2.5 trillion, with $946 billion accounting for revolving credit and $1.6 trillion accounting for nonrevolving credit.
In the month of March, consumer credit decreased by $11 billion, in February credit decreased by $8 billion, while in January it increased by $7 billion.
