Credit Card Debt Drops for Second Straight Month
The latest Consumer Credit report from the Federal Reserve shows that credit card debt has decreased for the second consecutive month.
The February G19 report shows that revolving credit, made up mostly of credit card debt, decreased $2.4 billion from January to $854.2 billion. This represented an annualized decrease of 3.4%. This followed a drop in January of $241 million.
Overall, consumer credit rose to $3.129 trillion in February, an annual rate of 6.4%. Most of this increase was expected to be with automobile and student loans.