Consumers lowered their debt in August for the first time in 11 months, the U.S. Federal Reserve said Friday. Consumers reduced debt in August by a seasonally adjusted $9.5 billion, reflected as a 4.6 percent annual rate, MarketWatch.com reported. Wall Street economists had predicted an increase of about $8 billion in consumer credit in August, MarketWatch.com said. The Fed said non-revolving credit, which includes auto loans, personal loans and student loans, fell $7.2 billion (5.2 percent) in August. Revolving credit, which tracks credit card debt, decreased $2.3 billion (3.5 percent) for the reporting period.
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Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
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