Credit Card Debt Falls in March

Credit Card Debt Falls in March

May 8, 2013         Written By John H. Oldshue

Overall credit card debt fell for the first time this year during the month of March, according to data released yesterday by the Federal Reserve.

Revolving credit, made up mostly of credit card debt, decreased in March at an annual rate of 2.4 percent. It now totals $846.2 billion, a decrease of $1.71 billion from February.

The drop in credit card debt appeared to be the result of slower-than-anticipated consumer spending. Cardholders may be showing concerns about taking on more debt at a time when their payroll taxes are increasing.

Non-revolving debt, including automobile and student loans, increased $9.68 billion to $1.96 trillion. This was an annualized increase of 5.9 percent.



The information contained within this article was accurate as of May 8, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus