Consumer Credit Debt Finally Declining In US!

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Real Estate Agent with Progressive Realty (Boise Idaho) www.Progressive-Realty.info DB-17066

I was initially surprised to hear the Federal Reserve claim that consumer credit debt fell in July of this year by $21.6 billion which is an annual rate of 10.5%!  It was the biggest decline since record keeping began in 1943.

After I thought about it, I realized that the credit tightening and write downs of existing debt probably both had a lot to do with these numbers, not just consumer spending habits and desires.

Just another $2.47 trillion to go before we balance the consumer debt in this country!

 

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Out Of The Box!
Tags:
economy
federal reserve
consumer debt
jim paulson
progressive realty corp
jim paulson boise realtor

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Rainmaker
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Alexsandra Stewart
Remax equity group - Portland, OR
Broker - Portland Oregon Real Estate

Jim - do think some people have cut back, and have decreased their debt. Hopefully they are saving some too. I'd guess though that you are right and the majority of that % is due to write offs, etc.

Sep 14, 2009 08:25 AM #1
Rainmaker
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Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

You are right Alexsandra, many people have elected to cut back and to start spending within their budget which is great!  There are others that are having to live on high interest credit cards (if they have any credit left on them) to try to make it to the next unemployment check or hopefully payroll check soon.

Sep 14, 2009 09:04 AM #2
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Rainmaker
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Jim Paulson

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