Personal bankruptcy filings decline for fourth straight month
New York, NY, United States (AHN) – Personal bankruptcy filings fell in October, marking the fourth straight month of declines.
The drop came as households cut their use of credit both by choice and force.
In October, there were 106,255 personal filings, 19.6 percent lower than the same period a year ago, according to data from the American Bankruptcy Institute and the National Bankruptcy Research Center.
The rate also marks a 2.1 percent decline from September.
Total consumer credit outstanding fell in both 2009 and 2010 as Americans continued to cast off their debts.
Banks have also become stingy with cash, tightening lending standards, and making it more difficult for consumers to continue borrowing.
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