The Fed figure is an average. The strain of making payments is starting to show.
Banks have countered by tightening their lending standards, economists note.
People with marginal credit histories probably will bear the brunt of this credit-tightening, said Doug Duncan, economist at the Mortgage Bankers Assn. of America. But for many Americans, the latest rate cut will provide some breathing room. When it's triggered, it could be all the more devastating. More affluent consumers are thus in a good position to help boost the economy with further borrowing, he said. The only good news for savers is that inflation has been tame, McBride said.