Consumer Credit Drops for First Time in 10 Years

[Anonymous_IHB]

The rate of borrowing by Americans declined for the first time in 10 years during August, a sign of building stress on household finances.

http://blogs.wsj.com/economics/2008...s-for-first-time-in-10-years/?mod=rss_WSJBlog

 

[muzie_IHB]

Well. isn't this what 99% of the people around here have been wishing for? People relying less on debt?

 

[IrvineRenter_IHB]

[quote author="muzie" date=1223436680]Well. isn't this what 99% of the people around here have been wishing for? People relying less on debt?</blockquote>


I find it interesting reading the various articles on the problems in our banking industry and how they are going to impact people. It all boils down to a reduction in credit and borrowing. If your lifestyle doesn't rely on Ponzi Scheme financing, the recession will only be painful if it impacts your job and your income.