Consumer says no. US credit card debt plunges.

Consumer credit dropped much faster than expected in February. Americans took on far less credit card debt.

Credit card debt fell at an annual rate of $7.8 billion (9.7%).

This is the sharpest drop in dollar terms ever, he steepest percentage fall since 1978.

Overall Consumer debt decreased at an annual rate of 3.5%

Government wants to increase credit - consumers saying no to debt.