consumer defa

New York Fed Claims Consumers Are not "Defaulting as Much"

The Federal Reserve released their monthly consumer credit report for September 2010.

Consumer credit declined 1-1/2 percent at an annual rate in the third quarter. Revolving credit declined 8-3/4 percent at an annual rate, and nonrevolving credit increased 2-1/2 percent. In September, consumer credit increased 1 percent at an annual rate.