Surprise drop in credit use worrisome

Surprise drop in credit use worrisome

COMBINED NEWS SERVICES
Published Sep 10, 2012 06:36PM MDT
Washington • In a worrisome sign for the economy, Americans cut back on borrowing in July for the first time in nearly a year as consumers reduced credit card debt. Credit card use fell for the second straight month, suggesting many people remain cautious in the face of high unemployment and slow growth. Consumer credit shrank by $3.28 billion in July, to a seasonally adjusted $2.705 trillion, the Federal Reserve said on Monday. That was well below the $9.1 billion advance Wall Street economist...
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