Consumer borrowing dropped by a record $7.9 billion in November as Americans scrambled to boost savings in face of the deepening recession and amid an investor exodus from securities backed by credit-card and other loans. The slump brought consumer credit down to $2.57 trillion, and capped the first back-to-back monthly decline since 1992, the Federal Reserve said today in Washington. The biggest decrease came in securitized assets, an area where Fed policy makers are creating a new $200 billion lending program to shore up credit. Today's figures foreshadow a prolonged drop in consumer spending as households try to reduce debt with their net worth declining and job losses accelerating, analysts said. ``Consumers have clammed up,'' said Ken Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio, who forecast a decline. ``The reduction in consumer credit doesn't stop here, and will spill over into 2009. Households are bolstering their balance sheets.''