» Consumer Credit drops record $11.1B

Consumer Credit drops record $11.1B

WASHINGTON (MarketWatch) – Consumers’ debts fell a record $11.1 billion in March, sending outstanding debt levels dropping at a 5.2% annual pace, the fastest decline since 1990, the Federal Reserve reported Thursday. Outstanding consumer credit fell by a seasonally adjusted $11.1 billion in March to $2.55 trillion, the Fed said. It was the sixth decline in the past eight months following years of steady growth in debt averaging close to 7% per year. Consumer debts are up 0.1% in the past year, the slowest growth in 17 years.

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