“Consumer credit falls more than expected in Dec.“, reports that as of December 2008, consumers have borrowed less for three months in a row than anytime in the last 17 years. Why? Probably because banks and other lenders have a vapor lock on lending.
It’s not that massive numbers of consumers have suddenly seen the wisdom of saving. No. It’s because they can’t borrow money. Credit lines are being reduced. Home equity lines of credit are being cut.
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