Consumer Credit Volume Drops Again

As per the Federal Reserve’s December 5th 2008 release, total consumer credit outstanding (revolving & non-revolving) in the US has dropped by 0.4% from $2.588 trillion in September 2008 to $2.578 trillion in October 2008.

Click on image to enlarge.

A further contraction from hereon and a severe collapse in consumer spending are more than likely.

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