Consumer Credit Down 11th Month in a Row in November
The mixed picture raises hopes that Americans may soon return to spending, a necessary condition for economic recovery.
But the record 11-month decrease in overall borrowing shows consumers are still holding back amid lingering economic uncertainty and 9.7 percent unemployment.
The Federal Reserve said Friday that total borrowing dropped by $1.8 billion - far less than the revised $10.6 billion for November. It also was well below the $9 billion analysts had expected.
Borrowing on credit cards fell by $8.5 billion, while other types of loans increased by $6.8 billion.