By Eric Swanson
The Federal Reserve released its latest preliminary findings of revolving consumer credit, better known as credit card debt. Credit card debt was down for the month of May by a tremendous 10.5 percent. This means that we have a lot of people that are also reducing their debt and will relate to you on your financial marathon in beating debt. Seek them out, learn from each other, and form a relationship with them which can provide motivation when the financial marathon gets tough.
In addition, non-revolving consumer credit went down 1.4 percent in May.
Overall, consumer credit was down a staggering 4.5 percent in May. This is surprising news because April’s preliminary data was showing that citizens were taking on more debt for the third month in a row. Nonetheless, citizens beating debt is great news because it means that we are more willing to pay off consumer credit and earn our freedom than struggle under the painful agony of debt.
In addition, these numbers should help the Consumer Debt Clock to continue to go down.
How much more can we, as a nation, continue to drive the clock down?
For more info on the Federal Reserve’s numbers,
click here.
To add the Consumer Debt Clock to your blog/website,
click here.
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