by Calculated Risk on 6/05/2009 03:11:00 PM
Friday, June 05, 2009
Consumer Credit Declines at 7% Annual Rate in April
From MarketWatch: U.S. consumer debt falls by $15.7 billion
Consumer credit fell by $15.7 billion, or 7.4% at an annual rate, to $2.52 trillion. It was the second largest decline in outstanding debt on record, exceeded by March's $16.6 billion drop.
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This graph shows the year-over-year change in consumer credit. Consumer credit is off 1.4% over the last 12 months - however, consumer credit has declined at a 6.6% rate over the last 6 months - a record pace.
Note: Consumer credit does not include real estate debt.