U.S. consumers reduced borrowing to the lowest annual rate in 65 years, the Federal Reserve reported on Thursday a reminder current financial crisis and seriousness of the economic downturn.

Borrowing on credit cards and auto loans tumbled 3.7 percent from October to November to an annual rate of $7.94 billion, surpassing specialists’ forecasts of a $500 million drop, according to the Asscociated Press. Consumer credit declined $2.8 billion in October.

Total consumer credit was left at $2.57 trillion.

The report on consumer credit excludes borrowing secured by real estate and mortgage loans.