In yet another sign that points to the pain in the U.S. economy, the Government has announced that consumer borrowing has fallen for the first time in ten years. The Federal Reserve revealed consumer borrowing fell $7.9 billion in August to $2.577 trillion from $2.585 trillion in July. This marks the first time consumer borrowing has fallen since 1998.
What this means is that lending is very hard to work through right now. The banks aren't lending. So the consumers aren't borrowing. This is as much at the heart of the problem as the housing crisis is. If people can't borrow because banks like JP Morgan Chase and Bank of America aren't lending, the U.S. economy is at a standstill. Worse, U.S. jobs will begin to fall drastically.
LeaseTrader.com is working with many of these people and families to get them out of their auto lease by transferring it over to someone else.
This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com