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 Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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Thanks for link Rocky, Americans trying to pay off debt in between government handouts for subsidized cars and homes!