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For first time in more than 10 years, consumers cut back on borrowing
THE NEWS TRIBUNE
Published: October 8th, 2008 12:30 AM
Consumer borrowing fell in August for the first time in more than a decade as households, battered by rising job layoffs and the decaying economy, cut back sharply on their use of credit.
The Federal Reserve said Tuesday that consumer borrowing fell at an annual rate of 3.7 percent in August, before the financial crisis became acute in September, forcing the government to approve a $700 billion rescue of the financial industry.
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