Overall consumer borrowing declined in March.
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The Federal Reserve Board said the nation’s outstanding consumer credit balance fell by $63 million in March to a seasonally adjusted total of $579.53 billion, after increasing by $1.01 billion in February. It was the first decline since July, 1982. The Fed said the largest single change in March was in credit card accounts, where outstanding debt declined by $513 million, to $135.15 billion.
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