(wire)
Consumer credit continues to decline
Consumer credit fell at an annual rate of 4.5 percent in May, the fourth consecutive monthly decline, according to a recent report by the Federal Reserve.
Total consumer credit fell a seasonally adjusted $9.1 billion to $2.4 trillion, the report said.
Leading the way was a 10.5 percent decline in revolving credit, which includes credit card debt.
Meanwhile, non-revolving credit, which includes car, personal, and student loans, fell by $1.82 billion, or 1.5 percent.
Total consumer credit fell a seasonally adjusted $9.1 billion to $2.4 trillion, the report said.
Leading the way was a 10.5 percent decline in revolving credit, which includes credit card debt.
Meanwhile, non-revolving credit, which includes car, personal, and student loans, fell by $1.82 billion, or 1.5 percent.
