Consumers cut back on use of credit
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U.S. consumers cut back on their borrowing in October as the economy sank sunk deeper into recession.
The Federal Reserve reported that consumer credit fell at an annual rate of 1.6% in October. That was compared with a 3.1% growth rate logged in September and marked the deepest cutback since August.
Economists expected consumers to boost their borrowing by $2 billion in October from the previous month. Instead, consumer debt dropped by $3.5 billion to $2.58 trillion.
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