Consumer borrowing falls sharply in November

[FarCenter]

Source: Yahoo Business

WASHINGTON – Americans borrowed less for a 10th consecutive month in November with total credit and borrowing on credit cards falling by the largest amounts on records going back nearly seven decades.

The dramatic declines raised new worries about whether consumers will cut back further on spending, making it harder for the economy to mount a sustained rebound.

The Federal Reserve said Friday that total borrowing dropped by $17.5 billion in November, a much bigger decline than the $5 billion decrease economists had expected.


Read more: http://news.yahoo.com/s/ap/20100108/ap_on_bi_go_ec_fi/us_consumer_credit

[DJ13]

1. Bank lending falls sharply in November

I love how the MSM promotes the downturn as the fault of consumers.

[RUMMYisFROSTED]

2. Alternate headline: "Peasants Refuse To Prop Up Oligarchs"

:patriot:

[Mari333]

3. [phone]

[CountAllVotes]

4. people are sick of being ripped off

by the corporate whores; i.e. the credit card companies, the pigs on Wall Street, the pharmaceutical companies and the rest of these low-life shills.

Folks might not have much left after they pay their garbage bill which has doubled in price over the past year or perhaps they have no more money to buy toxic junk from China or perhaps no money at all left for much of anything?

Awww ... :nopity: - do you know about this Bernanke & Geithner? Your plans aren't working like you'd hoped. Pocket books are snapped shut permanently in many cases!

:kick:

[denverbill]

5. OK, borrowing dropped, but spending did not. Imagine that.

After banks furiously scrambled to raise credit card rates prior to new regulations going into effect.

[ixion]

6. yeah, it's all the consumer's fault for not burying themselves in debt

:eyes:

:puke:

[customerserviceguy]

11. Yep, the feeding frenzy of buying cheaply-made crap

on credit is over with. The business whores are really broken up about that, it seems.

[shopgreen]

7. I am not going to buy anything on credit right now nor in the near future.

[CountAllVotes]

10. I've cut way back myself

the Discover Card is buried in the drawer, no longer being used (these TARP banks deserve no "business" from anyone as they took the money and have pocketed it).

I still have the American Express Costco card which I feel like I am almost forced to use when I go to their store. I should dump it too.

I have a stand alone VISA card via my credit union which I have recurring bills pay monthly and I do get the cash back at the end of every billing cycle. If it weren't for that, I'd dump that one too.

Welcome to the DU btw! :hi:

:kick:

[shopgreen]

14. mine is from the local credit union also. It is the only way to go and

thanks for the welcome.
Have a nice day.

[treestar]

8. Consumption doesn't have to go down

It's better to pay up front rather than borrow. They should shove their "worries."

[onethatcares]

9. without even reading the article I can tell you this,

If you aren't secure in your employment the best thing you can do is cut back on your spending. We all know how good the job market is at this time.

Amazingly enough, the banksters found enough money to bonus themselves into millionaire brackets again.

We must be doing something wrong.:argh:

[girl gone mad]

12. Isn't it amazing, though.

Planting insiders in the Treasury department is great for insuring bonuses in bad times.

[demigoddess]

13. hooray!!! More more!!!

that is what I am hoping for, starve the credit card companies until they have to be agreeable.