Farm Debt Falls to 11-Year Low: The...
From Times Staff and Wire Reports
Farm Debt Falls to 11-Year Low: The Federal Reserve Bank of Chicago, said total farm debt was found to have declined by nearly 2% in 1989 to about $135.6 billion, the sixth straight annual drop after having peaked in 1985. In contrast to the decline in overall farm debt, however, the amount of farm loans held by banks increased 4.5% in each of the last two years. Commercial banks account for about one-third of all farm debt. But loans held by the federal Farm Credit System dropped last year for the seventh consecutive year to about 26% of all farm debt.
