08 September 2009

Consumers Paying Down Debt

Total seasonally adjusted consumer debt fell $21.55 billion, or at a 10.4% annual rate, in July to $2.47 trillion. This is the sixth straight monthly drop in consumer credit. . . . This is the record 11th straight monthly drop in credit card debt.

From here (excludes mortgages on real estate).

Consumer debt levels are falling that a faster rate than any time in the last forty years, at least.

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