Henry Paulson (pictured) plans to announce on Tuesday the formation of a program to increase the availability of auto loans, student loans and credit cards. -- PHOTO: REUTERS
WASHINGTON- THE US government has introduced a pair of new programs that will provide US$800 billion (S$1.2 trillion) to help unfreeze the market for consumer debt which Treasury Secretary Henry Paulson calls vital to supporting the economy.
Mr Paulson says key markets for consumer debt such as credit cards, auto loans and student loans essentially came to a halt in October.
He says the new programs are aimed to get lending back to more normal levels.
Mr Paulson says all the government programs have been aimed at supporting the lending that is vital to the economy. -- AP
