Economists Fear Consumer Saving Is Derailing U.S. Recovery
… reached 10 percent and the reluctance of banks to extend or even keep open many existing lines of consumer credit.
In September, borrowing for revolving credit, including credit cards, fell at an annual rate of 13.3 percent, a record 12th consecutive decline. Borrowing for non-revolving loans, including auto loans, fell at an annual rate of 3.7 percent after a slight increase in August. The August gain reflected the surge in car sales as consumers rushed to take advantage of the …
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