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Consumer credit contracts at slower pace
December’s consumer credit figure, released by the Federal Reserve Board Friday, declined by $1.8 billion to $2.46 trillion from about $2.47 trillion in November, a drop of 0.07 percent. This follows a 0.5 percent drop of $13.8 billion in October. The drop in December was well under the $10 billion contraction estimated by economists in a survey by Bloomberg LP.
“I think things are starting to loosen,” said business professor Scott Testa about the nation’s overall credit market. But Testa, of Pennsylvania’s Cabrini College, cautioned that an improvement of credit would be slow.
“It’s not stuff that happens overnight,” he said.
Revolving credit, which includes credit card financing, continued to slide, falling another $8.5 billion to $866 billion from $875 billion in November, a drop of almost 1 percent. This follows a 1.6 percent drop of $13.8 billion from October.
“It’s all about the jobs,” Testa said of the drop, emphasizing that the figure reflects the weak job market, consumer spending and the remaining but decreased fear banks have about lending.
“It’s an indication that banks are nervous about extending credit,” he said.
http://news.medill.northwestern.edu/chicago/news.aspx?id=155826
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