U.S. consumers have cut their use of credit by 4.5 percent from all-time highs last year, as the latest report released today by the Federal Reserve showed a $12 billion decline in August.
Total consumer credit since the third quarter of 2008 has fallen 4.48 percent, or $115.6 billion, to $2.4627 billion in August.
The credit decline in August was nearly half of the decline seen in July, when total consumer credit fell by $21.5 billion.
Revolving credit in August fell 1.09 percent, or $3.9 billion, to $899.4 billion while nonrevolving credit fell 0.13 percent, or $2.1 billion to $1.5633 billion.
Since the third quarter of 2008, total revolving credit, which includes credit cards, has fallen 7.8 percent to $899.4 billion.
Since the second quarter of 2008, total nonrevolving credit, which includes auto loans and other closed end loans, was down 2.7 percent to $1.563.3 trillion.
The report does not include real estate loans.
Financial institutions reporting include commercial banks, finance companies, credit unions, federal government and Sallie Mae, savings institutions, nonfinancial businesses and pools of securitized assets.