Wednesday, Sep 09, 2009
Banks aren't extending credit and consumers don't want it anyway
Cnn: Consumers won't bail out economy
Just how stressed American consumers -- and their lenders -- feel was evident in the latest consumer credit report issued Tuesday by the Federal Reserve. The amount of credit outstanding fell by a record $21.6 billion in July, the sixth straight month of decline. This was about five times the amount economists predicted and the longest consecutive decline since 1991.
Posted by mark @ 08:43 AM (260 views) Add Comment
1 Comment
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1. Wdbeast said...
"The amount of credit outstanding fell by a record $21.6 billion in July"
By "credit outstanding" they mean debt, so why not say debt.
This piece is typical of our fixation with credit, it mentions the word credit 11 times and the word debt once.
The populace needs to realise we have a debt problem not a credit famine!