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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