The latest figures on consumer credit from the Federal Reserve show that consumers are hunkering down, especially on credit card debt. Revolving credit outstanding – mainly credit card debt – fell at an annual rate of 9-3/4 percent in February 2009 from the month before. Revolving credit outstanding fell from $963.5 billion in January to $955.7 billion in February. Pools of securitized assets based on credit card debt fell from $448.1 billion to $440.3 billion. These balances are no longer carried…

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