Personal debt continues to go down « Beating Debt News Archives

Personal debt continues to go down June 11, 2009

Posted by BDO in Debt is Slavery, Organizational.
Tags: beat, beating, consumer, credit, Debt, federal, loan, personal, reserve
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On June 11th, the Federal Reserve released its latest findings on Consumer Debt Outstanding. In reflection of good personal choices, consumer debt went down by 1.1% for the first quarter 2009. This is amazing because it brings the total national debt down to $13.7 trillion. Also, for the first time ever, personal debt did not grow for the second quarter in a row. This decrease was due to a 0.0% drop in household home mortgage debt AND a 3.5% drop in consumer credit.

Maybe we can interpret that as people are starting to turn away from using loans and credit cards and are starting to pay off their debts and earning their freedom. This is great news! Since debt is going down, BeatingDebt.org updated the scripts on the Consumer Debt Clock to continue 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 for another quarter?

Can we help it along by paying off our consumer debt?

The next Federal Reserve update will be September 17, 2009.

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