Consumer Credit goes down in Nov 2008

Consumer Credit goes down in Nov 2008 January 10, 2009

Posted by BDO in News.
Tags: beating, consumer, consumerism, credit, Debt, federal, finance, reserve
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This is the second month in a row in which the average consumer paid off more debt instead of using more credit. This is great news for our economy and our personal futures. The Federal Reserve recently reported that consumer credit went down 3.7 percent in November 2008. Hopefully, this trend will continue so we can continue to see the Consumer Debt Clock continue to go down.

It will be tough to continue paying off debt since there are so many powerful forces pleading with you to take on more debt. It seems as though everyone from department stores to the government wants you to remain in debt, enslaved to your job and their loans. Continue working hard to stay away from debt. The struggle to be free does not come at an easy price, but the end result will be glorious.

Good job, and keep up the good work. To see the numbers referenced in this report, click here.

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