Consumer borrowing dropped in September

WASHINGTON, Nov. 6 (UPI) -- Outstanding consumer credit fell by $14.8 billion in September, dropping for the eighth consecutive month, the U.S. Federal Reserve said Friday.

The decline was far greater than the $9.9 billion contraction economists predicted.

Revolving credit, including credit card loans, fell at an annual rate of 13.3 percent, contracting for the 12th consecutive month. Non-revolving credit fell 3.7 percent on an annual basis compared to August.

Total outstanding debt among U.S. consumers in September stood at $2.4 trillion, the Fed said.