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U.S. April consumer credit below forecast
CBS MarketWatch ^ | June 7, 2005 | Robert Schroeder

Posted on 06/07/2005 1:45:09 PM PDT by blueberry12

WASHINGTON (MarketWatch) -- U.S. consumer credit rose in April at an annual rate of 0.7%, or $1.3 billion, the Federal Reserve said Tuesday.

The increase was much less than expected.

Economists surveyed by MarketWatch were expecting consumer credit to rise by $7.4 billion.

Credit card debt decreased 0.6% in April, the second straight month of decline. Nonrevolving credit like auto loans rose 1.5%.

The increase in consumer credit in March, meanwhile, was revised to 3.9% from 3.1%.



TOPICS: Business/Economy
KEYWORDS: business; consumercredit; economicdata; economy; money
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1 posted on 06/07/2005 1:45:12 PM PDT by blueberry12
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To: blueberry12

We are doomed.


2 posted on 06/07/2005 1:48:33 PM PDT by Pondman88
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To: blueberry12

It's my fault. me and Mrs. lafroste paid off all our zero interest cards in April.


3 posted on 06/07/2005 1:48:53 PM PDT by lafroste (gravity is not a force. See my profile to read my novel absolutely free (I know, beyond shameless))
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To: Pondman88

all I know is my credit card debt decreased 33% last month :) Now that the new house is moved into and the wedding is out of the way, we can start paying all the debt off!


4 posted on 06/07/2005 1:49:25 PM PDT by ruiner
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To: blueberry12
Credit card debt decreased 0.6% in April, the second straight month of decline.
Take that, Capital One!!!

And kudos to everyone fleeing the credit card plantation.

5 posted on 06/07/2005 1:57:41 PM PDT by eastsider (The borrower is servant to the lender (Proverbs 22:7))
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To: eastsider

whats in your wallet?!?!?


6 posted on 06/07/2005 2:03:51 PM PDT by philsfan24
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To: philsfan24

Cash and a debit card.


7 posted on 06/07/2005 2:05:02 PM PDT by eastsider
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To: eastsider

"And kudos to everyone fleeing the credit card plantation."

Let's see, hmmm... now how will the Dims and MSM put a negative spin on this? A dangerous indicator that consumers are increasingly "tapped out," presaging a plunge in spending? It's an interesting game, and sometimes they're surprisingly inventive, but this would be my bet.


8 posted on 06/07/2005 2:05:22 PM PDT by RegulatorCountry (Esse Quam Videre)
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To: philsfan24

The warranty deed to my house. Paid off last month. $26277.00. Debt free !!! Yippee !!


9 posted on 06/07/2005 2:07:44 PM PDT by fuzzycat
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To: Pondman88

People are paying down debt. That's a good thing. The debt/income ratio isn't too bad either. The Commercial loan hike means growth. All in all it's doesn't look that bad at all. I'd fret more if people's personal debt was maxed out at around 33%. I suspect that the increase of personal debt from 1994 represents the huge increases of housing costs.


10 posted on 06/07/2005 2:09:00 PM PDT by Nathan Zachary
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To: fuzzycat

You rock, fuzzycat!!!


11 posted on 06/07/2005 2:09:55 PM PDT by eastsider
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To: fuzzycat

Congrats!!! great feeling isn't it? Throw a big mortgage burning party! Now you can go buy that summer cottage if you don't have one already.


12 posted on 06/07/2005 2:13:07 PM PDT by Nathan Zachary
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To: eastsider

same here. Cash, a debit card, a few spare checks and a pre- paid visa. credit cards are a curse on society, and so easy to get 10 of them with a 50,000 limit.


13 posted on 06/07/2005 2:16:04 PM PDT by Nathan Zachary
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To: blueberry12; Pondman88; lafroste; ruiner; eastsider; philsfan24; RegulatorCountry; fuzzycat; ...

Just asking rhetorically, but I wonder if credit card debt is going down because of the new bankruptcy law?


14 posted on 06/07/2005 2:26:02 PM PDT by Enterprise (Coming soon from Newsweek: "Fallujah - we had to destroy it in order to save it.")
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To: Nathan Zachary

The golden chains. A friend who had fallen behind in her bills called recently to ask what I thought about getting a credit card to pay them off. I told her that, speaking from experience, she should unplug the TV and dump cable before signing up for one of those suckers. Never again.


15 posted on 06/07/2005 2:26:09 PM PDT by eastsider
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To: eastsider
Those c/cards make it impossible for young people starting out in life to save money once they start racking them up.
And the interest they charge is criminal. If there is anything parents should teach their kids besides good morality, is to learn how to save and manage money, make it work for them, and avoid debt at all costs!

It's such a waste when people end up working all their lives just to pay interest on debt when they should be saving that money and investing it.

16 posted on 06/07/2005 2:41:53 PM PDT by Nathan Zachary
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To: Nathan Zachary
And the interest they charge is criminal.
You've got that right. Sure, they start you out at 0%, tell you it will only be 11% after that. Then when you're not looking, they jack it up to 28%. Freepin' usurious.
17 posted on 06/07/2005 3:11:40 PM PDT by eastsider
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To: Enterprise
My bet is that credit card debt is going down because the economy is beginning to cool, and because interest rates are going up.
18 posted on 06/07/2005 3:12:59 PM PDT by expat_panama
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To: expat_panama

"and because interest rates are going up."

Long term rates have fallen, so there's no refi "bust." I don't think rates are the cause.


19 posted on 06/07/2005 3:34:20 PM PDT by RegulatorCountry (Esse Quam Videre)
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To: RegulatorCountry

"Let's see, hmmm... now how will the Dims and MSM put a negative spin on this? A dangerous indicator that consumers are increasingly "tapped out," presaging a plunge in spending? It's an interesting game, and sometimes they're surprisingly inventive, but this would be my bet."

I think they'll go for "the Bush Social Security Plan, combined with fears about the war in Iraq, have made consumers unwilling to make large purchases and incur debt."

In other words: It's all Bush's faaaaauuullt!

I became credit card free two years ago, and have one for emergencies only. Amazing that I have had only one emergency in that time, and paid the whole thing the day the bill came! I ain't never goin' back.


20 posted on 06/07/2005 3:45:19 PM PDT by LostInBayport (One Massachusetts conservative adrift in a sea of liberal lunacy...)
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