Consumer bankruptcy filings declined in October for the fourth-straight month as households cut their use of credit by choice and by force.
The 106,255 personal filings last month were 19.6% below year-ago levels, the American Bankruptcy Institute and the National Bankruptcy Research Center said Wednesday. Compared with September, filings were down 2.1%. The monthly tallies aren't adjusted for seasonal swings.
"The declining filings correlate to tightened consumer spending and the overall pullback in consumer credit associated with a stagnant economy," said Samuel Gerdano, executive director of the bankruptcy institute.
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