Credit Card Debt Dropped Significantly in November
The latest monthly report from the Federal Reserve showed a large decline in credit card debt during the month of November, the first decrease in three months.
According to the Federal Reserve’s Consumer Credit report, the total revolving credit is now $882.1 billion after a decrease of $946 million in November. This is the largest decline in over a year and is 1.3% decline on an annualized basis
Revolving credit consists mostly of credit card debt.
Americans may have been prepping for the holidays by clearing up debts to make room for new ones.