Borrowing Slows Down

New York Times (04/08/08) P. C2
The Federal Reserve reports a decline in growth in consumer borrowing, which climbed at an annual rate of 2.4 percent in February compared to 4.9 percent in January. Experts attribute weaker growth to tighter underwriting standards for home-equity loans as a result of falling residential prices. Auto loans and nonrevolving credit increased at an annual rate of 0.4 percent in February, down from 3.6 percent in January. The central bank reported that total consumer credit reached an all-time high of $2.539 trillion, rising $5.16 billion in February.