Consumers Cut Back on Borrowing in November
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From Associated Press
Keeping a watchful eye on their debt, consumers cut back on their borrowing in November by the largest amount on record, the Federal Reserve reported.
Consumer credit dropped by $8.7 billion in November from the previous month, the largest over-the-month decrease since the Fed began keeping records in 1943. The cutback represented a 5% decline at a seasonally adjusted annual rate.
The last time consumers trimmed their borrowing was in November 2003.
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