Consumer Credit Plunges By $3.3 Billion In August

credit card mail

Shoppers continue to cut up the card.

According to the Federal Reserve, consumer credit fell by $3.3 billion in August, which is worse than then $3 billion that was anticipated.

Revolving consumer credit fell at a particularly hard 7.2% annualized rate — that’s where you heard the sound of the cut up cards.

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