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Drop in Consumer Debt

June 19th, 2010 at 07:16 pm

The amount of nonmortgage consumer debt has dropped from $2.54 trillion to $2.45 trillion over the last year. Is appears that with the downturn in the economy people are looking to pay down their debt instead of purchasing their next big screen TV. The largest part of the decline is in Credit Card debt. That has dropped from $935 billion to $853 billion and has declined for 18 straight months.

3 Responses to “Drop in Consumer Debt”

  1. Elisabeth Says:

    Does this include those who file for bankruptcy and never pay the debt, it just gets written off?

  2. patientsaver Says:

    Finally, people are getting sensible. Let's see if it lasts when the economy picks up.

  3. Jerry Says:

    It is a move that leads in the right direction, but wow... that is a drop in the bucket! At this rate, we will need insurance of about 27 straight years of similar drops to get out of hock. Anyone think that is likely?
    Jerry

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