Consumer Debt Continues to Decline
The amount of credit card debt that Americans currently hold has fallen a remarkable $86.2 billion from its peak of $975.2 billion in September 2008. That’s nearly a 10% decline according to recently released data from the Federal Reserve.
Credit cards are considered to be revolving debt while student loans and car loans are considered to be non-revolving debt.
There is a new mindset amongst consumers of frugality. We as a nation are eschewing debt for the first time in decades. The Fed’s data shows that for the past 12 consecutive months credit card debt has declined. Non-revolving debt has also declined steadily.
Credit card debt has in fact decreased at an annualized rate of 13.3% in both August and September.
All analysts pretty much agree that a collective national belt-tightening is occurring. People continue to be cautious. Ban