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<i>The amount of consumer credit outstanding fell in August, its first drop since November, the Federal Reserve said Thursday.
The Fed said consumer, non-mortgage debt declined $2.4 billion to $2.038 trillion in August, much weaker than Wall Street projections for a $5.5 billion gain.
The decline was led by a drop of $3.4 billion in revolving credit, which tracks usage of charge and credit cards.
The Fed said the August drop was the largest one-month decline since December 1990, in the buildup to the first Gulf war.
The debt decline in August was led by a drop of $3.4 billion in revolving credit, which tracks usage of charge and credit cards...</i> [read more at <A HREF="http://www.usatoday.com/money/economy/2004-10-07-consumer-credit_x.htm">usatoday.com</A>]
The Fed said consumer, non-mortgage debt declined $2.4 billion to $2.038 trillion in August, much weaker than Wall Street projections for a $5.5 billion gain.
The decline was led by a drop of $3.4 billion in revolving credit, which tracks usage of charge and credit cards.
The Fed said the August drop was the largest one-month decline since December 1990, in the buildup to the first Gulf war.
The debt decline in August was led by a drop of $3.4 billion in revolving credit, which tracks usage of charge and credit cards...</i> [read more at <A HREF="http://www.usatoday.com/money/economy/2004-10-07-consumer-credit_x.htm">usatoday.com</A>]