Official figures have confirmed that during the month of November, US consumers cut back on borrowing by the most on the record, pulling back frequent use of credit cards by about 20% as the economy starts to recover.

Customers' credit outstanding fell at a seasonally adjusted yearly rate of 8.5% to $2.465 Trillion, as was confirmed by the Federal Reserve on Friday.

The fall of $17.5 Trillion is the largest figure recorded since the record keeping was started by Fed in 1943.

A drop of $6 Billion on consumer credit was predicted by economists, and the current figure has managed to beat the estimates by a large margin. This is the 10th consecutive drop.

In October, the consumer credit had fallen by $4.2 Billion.

"With consumers facing difficult labor market conditions and tight credit conditions, downward pressures on credit are likely to remain strong and improvements will be very gradual," Gregory Daco, an economist at IHS Global Insight, said.

The borrowing category, which includes credit cards, dropped by $13.7 Billion in total, which is an all-time record fall in terms of Dollars. Also, it was an 18.5% drop from November.