Consumer Credit Drops: The Federal Reserve reported...

Consumer Credit Drops: The Federal Reserve reported that consumer credit fell at an annual rate of 2.3% in December, the steepest decline in nearly four years. The Fed said consumer installment debt dropped a seasonally adjusted $1.45 billion, the first decline since a 0.2% dip in February, 1989, and the sharpest fall since a 5.2% drop in February, 1987. For the year, credit growth slowed to just 3.1%, down from 6% in 1989 and 8.5% in 1988. Total revolving debt fell $1.23 billion in December, contrasting with a $1.38-billion gain the previous month.