Consumer Credit comes in -$68.7B in April

Consumer borrowing declined in April by the fastest rate since 1943 as credit card use saw a record decline, according to Federal Reserve data released Friday. Total consumer credit decreased at a 19.6% rate or $68.8 billion in April. Economists has been expecting a $14 billion fall, according to Econoday. Revolving credit, like credit cards, dropped a record 64.9% in April. Nonrevolving credit, typically auto and student loans, fell 4%. The data does not include mortgage loans. The savings rate hit a record high in April as spending dropped and Americans received stimulus checks from the government.