Borrowing Dropped $7.9 Billion In November

If there's one bright side to the current economic situation, it's that we seem to have finally stopped borrowing so much money. Bloomberg is reporting that consumer borrowing dropped by nearly $8 billion last November, the second month in a row and "the first back-to-back monthly decline since 1992."

• "Consumer borrowing fell at a 3.7 percent annual rate in November, the biggest percentage decline since January 1998, the Fed said today. The decline in dollar terms was the biggest since records began in 1943."
• "Revolving debt such as credit cards decreased by $2.8 billion."
• "Non-revolving debt, including auto loans, dropped $5.2 billion for the month."