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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at