Credit card debt down by 7 percent May 9, 2009
Posted by BDO in News, Organizational.Tags: beating, card, consumer, credit, Debt, federal, loan, march, reserve, spending
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In some continued good news for consumers, the Federal Reserve released its latest findings of revolving consumer credit, better known as credit card debt. Credit card debt was down for the month of March by 6.8 percent. Overall, consumer credit was down 5.2 percent for March. In addition, if you add up all the totals for 2009 fiscal year, American consumers paid off 7.6 percent of their consumer debt overall. That is great news because it means that we are more willing to pay off consumer credit and earn our freedom than struggle under the painful agony of debt.
These numbers should help the Consumer Debt Clock to continue to go down. How much more can we, as a nation, continue to drive the clock down?
For more info on the Federal Reserve’s numbers, click here.
To add the Consumer Debt Clock to your blog/website, click here.
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