Credit Card Maxed Out? You're Not the Only One
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.