Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Cloudy 73° Cloudy
News >  Business

Consumers reduced borrowing by record amount in November

Associated Press

WASHINGTON — Keeping a watchful eye on their debt, consumers cut back on their borrowing in November by the largest amount on record, the Federal Reserve reported Friday.

Consumer credit dropped by $8.7 billion in November from the previous month, marking the largest over-the-month decrease since the Fed began keeping records in 1943. The cutback represented a 5 percent decline at a seasonally adjusted annual rate.

The last time consumers trimmed their borrowing was in November 2003.

Consumers put off stocking up on holiday merchandise — which normally shows up on credit card bills — waiting instead for deeper discounts, economists said.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe now to get breaking news alerts in your email inbox

Get breaking news delivered to your inbox as it happens.