Consumer credit improves much better than expected

• Consumer credit fell at an annual rate of $3.51 billion in October. As opposed to the $9.3 billion by Economist.
• Demand for revolving credit, fell 9.3%, while borrowing in the category that include auto loans rose at an annual rate of 2.6%
• Americans are still borrowing less as they try to replenish depleted investments.  Many are finding it hard to get credit as banks have tightened lending standards.
• The 1.7% fall in overall consumer borrowing left that total at an annual rate of $2.48 trillion in October.  The $3.51 billion fall in October followed a decline of 48.77 billion in September.
• The 9.3% decline in the credit card category followed declines of 10.5% in September and 10.6% in August. 
• All in all, credit card borrowing has fallen for a record 13 straight month.

Source: NY Times & Barron's