Credit card debt sees another fall - Bills.com News

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Credit card debt sees another fall

Monday, Nov 9, 2009
By Jennifer Hewitt

As Congress continues to try and help consumers deal with their credit card debt, new statistics show that people are making efforts to pay down what they owe.

The Federal Reserve is reporting that the amount of credit card debt people owe dropped during September. According to the Fed, revolving consumer credit, of which credit card debt is a large part, fell at an annual rate of 13.3 percent during themonth. That mirrors a similar decline in August, where it also fell 13.3 percent.

Drops in credit card debt have continued for some time now. Every quarter since the final quarter of 2008 has seen a decline in revolving consumer credit. That includes the third quarter of this year, which saw revolving consumer credit fall off by an annual rate of 10 percent.

As the holiday shopping season comes upon retailers and consumers, a recent survey shows that people are less inclined to put their
holiday purchases on credit cards. According to a survey from USAA, 55 percent of respondents said they did not plan on using their credit cards for purchases related to the holiday season.

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