WASHINGTON - Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.
The magnitude of the drop surprised analysts. Some thought the Cash for Clunkers program - which began in July and aided auto sales and car loans - would have blunted cutbacks in other lending areas.
The Federal Reserve reported yesterday that consumers ratcheted back their credit demand by a …
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