Credit Card Debt Falls for First Time Since February

October 8, 2014, Written By John H. Oldshue

Credit card debt fell slightly in August for the first time since February, dropping $208 million or an annual rate of 0.3%. These were the findings of the latest monthly Consumer Credit report from the Federal Reserve.

Americans now have $880.3 billion in revolving debt, the majority of which is credit card debt. Revolving debt has increased 3.2% over year-ago levels.

On the other hand, auto loans and student loans continued to increase. Nonrevolving debt rose $13.7 billion, an annual increase of 7% in August to $2.366 trillion. This was, however, the smallest increase since January. Nonrevolving debt is now 8.2% above last year’s levels.

Overall, consumer borrowing rose $13.5 billion in August, fueled by these gains in auto loans and student loans. This follows a revised gain of $21.6 billion in July.

Consumer debt is now at an all-time high of $3.247 trillion.



The information contained within this article was accurate as of October 8, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


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.
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