Consumer debt goes down Q4 of 2008 March 17, 2009
Posted by BDO in Debt is Slavery, News, Organizational.Tags: beating, consumer, credit, Debt, economy, finances
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On March 12th, the Federal Reserve released its latest findings on Consumer Debt Outstanding. In a dramatic turn of events, consumer debt went down by 2.0% for the fourth quarter 2008. This is amazing because it brings the total national debt down to $13.8 trillion. Initially, BDO’s Consumer Debt Clock estimated Americans would owe $13.9 tillion by this time. This decrease was due to a 1.6% drop in household home mortgage debt AND a 3.2% drop in consumer credit.
Maybe we can interpret that as people are starting to turn away from using loans and credit cards and starting to pay off their debts and earning their freedom. This is great news!
Since debt is going down now, BeatingDebt.org continued to update the scripts on the Consumer Debt Clock to start counting down. Isn’t that wonderful?!
Check out the Consumer Debt Clock that is going down in value and feel free to add it to your website to encourage others to help decrease our consumer debt addiction.
Can we keep up the trend of the clock going down?
Can we help it along by paying off our consumer debt?
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