(Bloomberg) — Consumer credit in the U.S. dropped a record $17.5 billion in November as unemployment close to a 26-year high discouraged borrowing and banks limited access to loans.
The slump in credit to $2.46 trillion was more than anticipated and followed a revised $4.2 billion drop in October, Federal Reserve figures showed today in Washington. The median estimate of economists surveyed by Bloomberg News projected a decrease of $5 billion. The figures track credit card debt and non-revolving loans, such as those to buy autos.
The series of 10 straight declines in consumer credit was the longest since record-keeping began in 1943.