WASHINGTON (AP) – Consumer borrowing plunged in March at the fastest pace in 18 years as Americans put away their credit cards and hoarded cash amid the worst recession in decades.
The Federal Reserve says consumer borrowing dropped 5.2 percent in March, the biggest decline since an 8.1 percent fall in December 1990.
In dollar terms, consumer borrowing plunged by $11.1 billion. That’s the largest dollar amount on records dating to 1943, and more than three times the $3.5 billion drop that economists expected
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