Rate of Borrowing Decreases — Along with Credit Lines

In August, the Wall Street Journal Online reports, consumer credit dropped. (Hat tip: Miki at Leadership Turn for putting me on to this.) Outstanding debt decreased in August for the first time in ten years. I think the current economic troubles are starting to wake people up to the dangers of excessive consumer debt. People are scaling back and making hard decisions.
Or, it could be that they just can’t get any credit. With the credit market freeze, it’s actually getting increasingly difficult to borrow. The banks are wary of lending. Turns out lending to anyone hasn’t been working out all …read more