U.S. Consumer Borrowing Falls on Drop in Credit Cards
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Consumer borrowing declined in August as Americans trimmed credit-card balances, showing consumers remained reluctant to take on more debt as joblessness climbed.
Credit declined by $3.34 billion after falling a revised $4.09 billion in July, more than the previous estimate, according to a Federal Reserve report released today in Washington. Credit-card debt decreased for the 24th consecutive month.