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Credit Card Maxed Out? You’re Not the Only One

By Rocky Vega

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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.

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Rocky Vega

Rocky Vega is a regular contributor to 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.

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One Response

  1. Tradermark said

    Thanks for link Rocky, Americans trying to pay off debt in between government handouts for subsidized cars and homes!

    on October 8, 2009.

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