U.S. Consumer Borrowing Falls Most Since 2010 Amid Coronavirus

U.S. consumer borrowing unexpectedly slumped in March by the most in more than a decade, reflecting a record downturn in credit-card debt outstanding as the coronavirus caused shopping to grind to a halt.

The $12 billion decrease in total credit from the prior month followed a revised $19.9 billion February gain, Federal Reserve figures showed on Thursday. The median estimate in a Bloomberg survey of economists called for a March increase of $15 billion.