The Well-Off Shop While the Peasants Grab Their Pitchforks

Times are tough…

U.S. Consumer Credit Fell $9.5 Billion in August

August marked the largest drop in consumer credit in almost a year according to a statement released by the Federal Reserve on Sunday.

The $9.5 billion decrease follows an $11.9 billion increase the previous month. The Feds also announced that non-revolving credit such as student loans and the financing of automobiles fell by the largest percentage in three years. Non-revolving loans were down by $7.23 billion in August.

The drop in consumer credit means Americans are either paying down old debt or simply lack the confidence based on the current economy to buy non-essential goods.

Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York told Business Week:

“Consumers were cautious over taking on additional debt at the end of the summer after the volatility in the stock markets and the uncertainty caused by the failure of Congress to work together to bring down these trillion-dollar deficits.”

… but not for everyone:

Click below to read the entire article:

via The Well-Off Shop While the Peasants Grab Their Pitchforks — DollarCollapse.com.

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