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Consumer Borrowing Fell a Record Amount in July

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DEBT REPUDIATION
"The Fed said consumers ratcheted back their credit by a larger-than-anticipated $21.6 billion from June, the most on record dating to 1943. Economists had expected credit to drop by $4 billion," according to the New York Times. "The magnitude of the drop surprised analysts," the newspaper said.
SOURCE:   New York Times

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