Consumer Debt goes down December 12, 2008
Posted by BDO in Descriptions, News.Tags: beat, beating, card, consumer, credit, Debt, economy, federal, loan, mortgage, reserve, trillion
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On December 11th, the Federal Reserve released its latest findings on Consumer Debt Outstanding. In a dramatic turn of events, consumer debt went down by 0.8% for the third quarter 2008. This is heartening because it brings the total national debt down to $13.9 trillion. Initially, BDO’s Consumer Debt Clock estimated Americans would owe $14.2 tillion by this time. This decrease was due to a 2.4% drop in household home mortgage debt. Despite the negative growth of overall debt, consumer credit debt still increased by 1.2%.
It seems that the lower prices for homes is causing people to not take on so much debt. I would like to think it is also due to people making the tough choice to down scale their lifestyle to a more affordable home.
Since debt is going down now, BeatingDebt.org had to change the scripts on our Consumer Debt Clock to start counting down. Isn’t that wonderful?! I had no idea that consumer debt would be decreasing so soon after we started the Consumer Debt Clock in August. This is great news!
Check out the Consumer Debt Clock that is going down in value!!
Can we keep up the trend of the clock going down?
Can we help it along by giving up our consumer credit debt?
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It’s good to hear that the consumer’s debt has went down for the last quarter of 2008. Hope it will also continue for this 2009. If you want I can also suggest a good website for all consumers out there to visit which definitely help them in their financial freedom. It is no other than http://debtreliefgeek.com/.