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Consumer Credit Outstanding Down US$21.55bn

September 8th, 2009 Michael McDonough

US consumer credit fell US$21.55bn in July, or 10.4% on an annualized rate.  This is the largest monthly decline consumer credit has ever experienced.  This was also the index’s 6th consecutive month of declines.  The government’s ‘Cash for Clunker’s’ program did little to stem a a record US$15.44bn decline in non-revolving credit, while revolving credit, which includes credit cards fell US$6.11bn.  Tight credit conditions and the consumer’s apprehension toward borrowing continue to impact the level of consumer lending.  The bottom line is that a consumer led recovery remains highly improbable.

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