Credit, Economy and Financial News from TruckingFactor.com

Consumer Borrowing Hits 18-Year Low

Consumer borrowing fell in March at the fastest pace in 18 years, underscoring the transformation of Americans from spenders to savers amid the worst recession in decades. The Federal Reserve said that consumer borrowing declined 5.2% in March, the biggest decline since an 8.1% plunge in December 1990. In dollar terms, borrowing fell by $11.1 billion. The borrowing category that includes credit cards declined 6.8% in March after a 12.1% plunge in February. The category that includes auto loans fell 4.2%, following a 1.2% increase in February.

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Date Last Updated: 05/13/2009