Credit Card Debt Continues Steady Decline

October 9, 2013, Written By John H. Oldshue

Consumers continue to be very cautious with their credit cards.

Revolving balances on credit cards declined for the third straight month in August, according to the latest Consumer Credit Report by the Federal Reserve. Balances have declined by over $6 billion to $848.9 billion during the last three months.

Revolving credit, the majority of which is credit card debt, declined $883 million in August, an annual rate of 1.2 percent. This follows decreases of 2.6 percent in July and 5.2 percent in June.

Consumers are not adverse to borrowing. Nonrevolving debt, made up primarily of student and auto loans, increased in August at an annual rate of 8.0 percent or $14.5 billion.



The information contained within this article was accurate as of October 9, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.