Consumer credit -$5.1 billion in Dec. By Rachel Koning
Consumer credit fell an unexpected $5.1 billion or 3.7 percent to $1.65 trillion in December, led by a drop in credit card borrowing, the Federal Reserve said. Revolving credit, or credit cards, was down $8.2 billion, just over 14 percent. It was the largest drop on record, at least since the Federal Reserve began collecting this data in 1943. A 3.1 percent increase in revolving credit borrowing for all of 2001 is the lowest since 1980, another recessionary period for the nation. Non-revolving credit, such as car loans or borrowing for higher education, rose $3.1 billion or 3.9 percent, the Fed said.

<center>

<HR>

</center>