10/08/09 Stockholm, Sweden – The situation is continuing to worsen for already cash-strapped consumers. According to Federal Reserve numbers released today US consumer credit has fallen again in August.
The drop is roughly $12 billion or 5.8 percent, shrinking those funds previously available for consumer needs for the seventh month in a row. The seven-month time frame represents the longest period of deteriorating consumer credit in 18 years.
The Fund My Mutual Fund blog reports “5.8% in and of itself is an alarming drop off, and folks this is no improvement over August’s levels.” You can read more, including details on the Federal Reserve announcement, in its coverage of worsening consumer credit.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
The Daily Reckoning is your premier source for making sense of the news Washington and Wall Street generate. Each business day, The Daily Reckoning calls on its stable of world-class writers and thinkers to show you how to get ahead.
Start your 100% FREE subscription to The Daily Reckoning today and you’ll get a free research report, “How to Survive the Fall of Social Security.” Simply enter your email address below to get your free report and join over 495,000 worldwide Daily Reckoning subscribers!
We Respect Your Privacy and We will
Never Share or Sell Your Email Address
Thanks for link Rocky, Americans trying to pay off debt in between government handouts for subsidized cars and homes!