Credit Card Debt Declining in the United States
This week the Federal Reserve reported that in April total credit card debt in the US decreased by 12% compared to it’s usual 9% annualized rate. This is the 19th straight month of declines in credit card debt in the US mostly attributed to banks ramping up their charge-offs and reducing the number of loans granted.
This is the lowest level for revolving debt since March of 2006. In contrast, non revolving debt like student and car loans expanded by 7.1% in April.
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