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Money & Company

Credit card borrowing drops in February, Federal Reserve reports

By Tiffany Hsu

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Borrowing on credit cards and other use of revolving credit plunged at an annual rate of 9.7% -- or $7.8 billion -- in February, according to the Federal Reserve. The slide represents the steepest percentage decrease since 1978.

More consumers are going into default or starting to skimp as credit card issuers boost interest rates and lower available credit limits.

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The full report is here.

-- Tiffany Hsu

Money & Company
Tiffany Hsu

Tiffany Hsu is a former staff writer for the Los Angeles Times. Previously, she wrote about the California economy, fast food, restaurants, retail and alternative energy for the Business section. A Bay Area native, UC Berkeley graduate and eternal Nor-Cal fan, she once worked for the San Francisco Bay Guardian. She also did a stint at the Richmond Times-Dispatch, where she developed a passion for sweet tea. She still has faith that someday she’ll find two economists who agree.

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