Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Consumers Pay Down Credit Card Debt. Really!

Friday, June 17, 2011 - 1:14 PM
Finally.  Some good news.

http://finance.yahoo.com/news/Consumers-Pay-Down-Credit-dg-2838138980.html?x=0&sec=topStories&pos=5&asset=&ccode=
But in the first quarter of 2011, it seems that American consumers actually did pay down a healthy chunk of credit card debt.
Despite the softening pace of growth, it looks like the trend continued in April. Retail sales in April 2011 were 7.4 percent higher than they were in April 2010, while the amount of revolving credit outstanding was down 4.9 percent from April 2010. But we'll have to wait for Cardhub.com's next quarterly report to see if consumers are continuing to pay down debt.

3
MikeMike327 posts since
Feb 22, 2010
Rep Points: 876
Reply