Consumer Credit in June 2010 – Contraction Continues

posted by Nima

August 6, 2010 · Posted in General Economics 

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2 Responses to “Consumer Credit in June 2010 – Contraction Continues”

  1. scott t on August 6th, 2010 11:21 pm

    Americans have reduced their consumer credit balances by a total of $160 billion or $1,400 per household…..

    are the dollars that are paid into reducing consumer credit going back to the originating banks?

    with less dollars paying into credit accounts is the money then going directly into consumer goods purchases or other areas???

  2. Nima on August 7th, 2010 5:41 pm

    Yes, the money is paid back to the originating banks and with that their portfolio of credit owed by consumers declines.

    That money literally vanishes out of circulation. So it doesn’t go anywhere after that.

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