Credit crunch continues -, South Georgia News, Weather, Sports

Credit crunch continues

By Wainwright Jeffers - bio | email

ALBANY, GA (WALB) – Could the recession be teaching consumers to be more financial savvy?

New numbers released this past week show two years after the credit crunch began a lot of people are still tightening their purse strings, and buying less on credit.

A government report said consumer credit fell at an annual rate of 4.5 percent in May. That's about $9 billion.

We caught up with some shoppers on Sunday who said they have definitely changed the way they shop with credit.

"I probably don't spend as much on credit as I use to," said Kelly Walker.

"I melted my credit card, I didn't cut it up or anything I melted it," said Jasmine Carroll.

Non-revolving credit, things like cars, personal, and student loans also decreased.

It declined by $1.8 billion, or 1.5 percent.

©2010 WALB News. All rights reserved.   Feedback

Powered by Frankly