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S&P Credit Research656 word report
published Nov 06, 2009
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S&P Credit Research
| Abstract: | Consumer credit outstanding dropped $14.8 billion (7.2% at an annual rate) in September--more than the market's expectation of a $10 billion drop. Revolving credit (credit cards) fell $9.9 billion--the 12th consecutive decline--while nonrevolving credit (mostly car loans) fell $4.9 billion. The decline in nonrevolving credit was a surprise, since we had expected some of the August "clunker" sales to add to September debt levels. The data show that consumers remain nervous about borrowing (and banks remain nervous about lending). Household debt has now fallen $103.3 billion since the end of 2008.
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| Brief Excerpt: | You are not entitled to view this Article. For technical support, please contact your help desk. Published by Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. Executive and Editorial offices:...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
