Consumers Pay Off Debt at Record Rate

Good News for Household Budgets, not for Economy

Thursday, September 10, 2009

Americans paid off $21.6 billion in credit card debt and other consumer loans in July. That is the biggest decline in consumer debt since 1943, when the Federal Reserve started keeping track. The Takeaway's business contributor, Louise Story, a finance reporter for the New York Times, says the economy will fundamentally change if Americans take on a new attitude about spending money they don’t have.

Guests:

Louise Story

Hosted by:

Lynn Sherr

Produced by:

Anna Sale

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