Quoted – Consumer credit contracts at slower pace – Medill Reports

Official portrait of Federal Reserve Chairman ...
Image via Wikipedia

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

Reblog this post [with Zemanta]
Advertisements

Comments

  1. Just wanted to let you know that your blog is not showing up properly on the BlackBerry Browser. Anyway, Im now on the RSS feed on my laptop, so thanks!

  2. I assume this content has been written subsequent to a good level of exploration.

  3. Normally I don’t learn post on blogs, but I wish to say that this write-up very pressured me to check out and do so! Your writing taste has been amazed me. Thanks, very great post.

  4. The greatest feature in terms of these short-term cash loan
    payday loans is always that there isn’t any appraisal of creditworthiness involved and merely about anyone will get together the criteria. Some companies will let a person go for a long period without having to pay their loans back, but with a a bad credit score they will not be so simple on you.

  5. If you are going for most excellent contents like me, simply go to see this website daily since it offers feature contents, thanks

  6. Student loans taken out during the beginning of your college career may have repayment terms of about ten years, although that may vary depending
    upon the type of student loans you are paying off.
    Some traditional student loan providers now offer loans for pilot training.
    You have several choices of no credit check student loans to choose from.

  7. Given that people have different lifestyles and levels of fitness, there are many programs where“experts”
    give general rules about what to do in the gym to gain muscle or just fitness
    in general. When creating a slogan, aim for the heart by playing up the emotional effect.
    You need to find a way to change the way you think about food, in order to avoid the bad habit of overeating.

  8. There’s certainly a great deal to know about this subject.
    I like all the points you made.

Trackbacks

  1. […] 2010-02-06T19:36:25  Quoted – Consumer credit contracts at slower pace – Medill Reports – [link to post] […]

  2. […] Quoted – Consumer credit contracts at slower pace – Medill Reports (scotttesta.com) […]

  3. […] – Point… on Quoted – Buncombe County…Quoted – Consu… on Quoted – Consumer credit…Janella Cutri on About Dr. Scott TestaNidia Pimenta on Quoted – Could an Apple […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: