April 7th, 2010
08:03 PM ET

Consumer credit drop resumes

Consumer borrowing dropped in February, after increasing for the first time in a year during the previous month, according to a government report released Wednesday.

Total consumer credit fell a seasonally adjusted $11.5 billion, at an annual rate of 5.6%, to $2.448 trillion in February, the Federal Reserve reported.

Economists predicted a decline in total borrowing of $0.7 billion in February, according to a consensus estimate from Briefing.com.

"February's decline reflects on the still dire state of the economy," said Yasmine Kamaruddin, an economic analyst at Wells Fargo.

Read the full CNNMoney.com story

soundoff (5 Responses)
  1. David

    "February's decline reflects on the still dire state of the economy,"

    Maybe it means consumers have finally fired the banks

    April 8, 2010 at 1:31 am | Report abuse |
  2. Gianna Patterson

    i am not a fan of having credits and getting credits cards.`*:

    May 25, 2010 at 3:12 pm | Report abuse |
  3. Millie Wood

    i had a bad credit score last year but i was able to fix it now..`:

    July 12, 2010 at 10:06 pm | Report abuse |
  4. Anna Begum

    as much as possible i also mantain a good credit record so that i can do business transactions with ease`::

    October 10, 2010 at 1:31 pm | Report abuse |
  5. Heart Necklace :

    we can't avoid to have some credit on banks or from other people, there are just times that we are short of money:-;

    October 22, 2010 at 3:07 pm | Report abuse |