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Drop in Consumer Debt

June 20th, 2010 at 02:16 am

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.

Posted in Budgeting, Investing, Personal Finance, Retirement, Saving Money | 3 Comments »

3 Responses to “Drop in Consumer Debt”

  1. Elisabeth Says:
    June 20th, 2010 at 02:46 am 1277001973
    1277001973

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

  2. patientsaver Says:
    June 20th, 2010 at 11:25 am 1277033113
    1277033113

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

  3. Jerry Says:
    June 25th, 2010 at 11:14 am 1277464464
    1277464464

    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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