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Consumer Corner: Foreclosure settlement no magic bullet for economy
WASHINGTON, July 8 (UPI) -- U.S. consumer credit dropped at an annual rate of 1.5 percent in May, the Federal Reserve Bank said Wednesday.
Revolving loans, which refer to credit card borrowing, fell by an annual rate of 3.75 percent in the month, as consumers have pared back on spending in the midst of a prolonged recession.
Non-revolving debt, which includes automobile loans, fell by an annual rate of 0.25 percent.
Revolving loans dropped by $3.3 billion, while non-revolving loans declined by $400 million, the Fed said.
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SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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