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Consumer Debt Falls Again

U.S. consumers' outstanding credit debt fell for the ninth month in a row in October, but the decline was lower than it has been in most previous periods this year, the Federal Reserve said Monday.

Outstanding balances of consumer credit fell by $3.51 billion, or 1.7% annualized, in October to $2.482 trillion. Revolving credit - mostly credit cards - fell by $6.95 billion, or 9.3% annualized, to $888.1 billion. Nonrevolving credit, such as auto loans or student loans, rose by $3.44 billion, or 2.6%, to $1.595 trillion.