Credit Card Debt Down In April
Saturday June 9, 2007
For the first time since the first quarter of 2006, credit card debt is down. According to the Federal Reserve, revolving credit decreased by .5% in April, resulting in a decrease of $400 million. Nonrevolving credit increased at 1.3%. Overall consumer credit increased at 2.3%, or $2.6 billion.
Either consumers are using less credit or are more focused on paying off their debts or maybe even both.
Of course, there’s the possibility that the spike in gas prices has kept consumers in their homes and out of the malls.
Either consumers are using less credit or are more focused on paying off their debts or maybe even both.
Of course, there’s the possibility that the spike in gas prices has kept consumers in their homes and out of the malls.
Comments
If you have not read MAXED OUT by James Scurlock you should. I am appalled at what is going on right under my nose. I am also angry with every senator and congressman in the house of representatives. And the news media has done a very poor job of keeping us informed such as they claim to do. to tell the truth right now we all ought to be taking up rakes, shovels, and pitch forks and march ont the white house. It’s not just credit card companies, it’s utility companies as well.