Credit Herald

Consumers trimmed borrowing in May for the fourth straight month as the recession took another bite out of investments and drove unemployment higher. The Federal Reserve said Wednesday that consumer credit fell at an annual rate of 1.5 percent, or by $3.2 billion, from April. Economists expected a deeper cut of $9 car loan.5 billion. The savings rate jumped to 6.9 percent in May, the highest since December 1993. (AP)

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