From 24/7 Wall Street:

Consumer borrowing took a breathtaking and record-breaking fall in November, according to figures released yesterday by the Federal Reserve.

Revolving consumer credit dropped almost 18% from a year earlier fueling a $17.5 billion drop in borrowing and credit card balances in October.

The AP reported that the string of ten consecutive months in falling credit was a record and the absolute drop in total dollars loaned from October to November was the largest since the government began tracking the data in 1943.

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