Consumer Credit Falls in May for First Time Since 2003

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00001259-consumer-credit-falls-in-may-for-first-ti/

By Robert Schroeder, MarketWatch

U.S. consumer credit dropped in May for the first time since November 2003, falling by 1.7% or $3 billion, the Federal Reserve said Friday.

Revolving credit, like credit card debt, increased by 1.1%, but nonrevolving credit like auto loans fell by 3.4%.

The drop was unexpected. Economists polled by MarketWatch were forecasting a rise of $3.5 billion.

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