By Eric Swanson
The Federal Reserve recently released its latest preliminary findings of revolving consumer credit, better known as credit card debt. Credit card debt was down for the month of April 2010 by a generous 12 percent. This could be continued proof of Americans distrust and dislike for credit cards.
Unfortunately, non-revolving consumer credit went up 7.1 percent in April. That means that the amount of auto loans and student loans went up tremendously.
Therefore, overall consumer credit was up 0.5 percent in April. This is the third time consumer credit was reported to have gone up this year.
In good news, the Federal Reserve is reporting that consumer credit for Q1 is down 1.6 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, 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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