Friday, August 07, 2009

Consumer Credit Declines in June

by Calculated Risk on 8/07/2009 03:30:00 PM

From MarketWatch: June consumer credit down for 5th straight month

U.S. consumers reduced their debt in June for the fifth consecutive month, the Federal Reserve reported Friday. Total seasonally adjusted consumer debt fell $10.29 billion, or at a 4.9% annual rate, in June to $2.502 trillion. Consumer credit fell in eight of the past nine months.
Consumer Credit Click on graph for larger image in new window.

This graph shows the year-over-year (YoY) change in consumer credit. Consumer credit is off 2.8% over the last 12 months. The record YoY decline was 1.9% in 1991 - and that record has been shattered.

Note: Consumer credit does not include real estate debt.