Word: crediteers
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Americans relied less on borrowed money in April than they did in March-a sign that the pullback on debt-fueled spending continued into the spring. New data from the Federal Reserve shows that outstanding consumer credit which includes credit cards, auto loans and tuition financing, but not mortgages, fell by $15.7 billion to $2.52 trillion, an annualized drop of 7.4%. That marks the second-largest dollar drop on record, following March's $16.6 billion decline...
...While more-cautious lending practices are certainly contributing to decreased borrowing, the bigger driver is that Americans are still feeling the effects of recession the unemployment rate hit 9.4% in May - and choosing to tap credit lines less. Commerce Department figures from earlier this week show that people are now saving 5.7% of their disposable income, the highest rate in 14 years. In an April survey of senior bank-loan officers, the Fed found that demand for loans from households was down in almost every category. (Watch TIME's video of Peter Schiff trash-talking the markets...
...most recent Fed data, use of revolving credit, like credit cards, was down 11% from the month before. Non-revolving credit - including loans for cars, boats, mobile homes, education and vacations - was off by 5.3%. The amount of outstanding consumer credit is now about what...
...alter habits. Then Acxiom digs into it own database, one of the most formidable collections of consumer data in the world. (A Fortune magazine headline once read, "Never Heard of Acxiom? Chances Are It's Heard of You.") Acxiom tracks some 128 million households, compiling data on everything from credit-card transactions to newspaper subscriptions. Some 1,500 data fields go into the computer model, and out comes an opinion about who you are and what you're likely to do with your money. (See 10 things to buy during the recession...
...9/11. But let us be clear: al Qaeda killed nearly 3,000 people on that day. The victims were innocent men, women and children from America and many other nations who had done nothing to harm anybody. And yet Al Qaeda chose to ruthlessly murder these people, claimed credit for the attack, and even now states their determination to kill on a massive scale. They have affiliates in many countries and are trying to expand their reach. These are not opinions to be debated; these are facts to be dealt with...