WASHINGTON (
TheStreet) -- Consumer credit fell at a faster pace in September, signaling that consumers are still focused on reducing debt and cutting back on their spending.
The Federal Reserve announced that consumer debt fell by $14.8 billion during the month, significantly more than the $10 billion economists forecast.
September consumer credit outstanding fell at a 7.19% annual rate to $2.46 trillion, its eight consecutive monthly decline.
Content Continues Below
The concern, of course, is that the more consumers save, the less they are spending -- then again, pent-up demand, money in the bank and freed-up credit cards could ultimately help spur sales for the holidays.
-- Reported by Jeanine Poggi in New YorkFollow TheStreet.com on
Twitter and become a fan on
Facebook.
© 1996 -
2009 TheStreet.com, Inc. All rights reserved.
Most Read Articles from TheStreet.com
Black Friday's 10 Top Tech Deals
A review of black Friday deals from Apple, Hewlett-Packard, Garmin, Palm and others.
Motorola Droid Price Cut
Motorola's Droid lands at Verizon, discounts follow days later.
Dividend Stocks for the Week
These companies, including Nike and Campbell Soup, recently boosted their dividend payouts.