The Federal Reserve released its latest findings of revolving consumer credit, better known as credit card debt. Credit card debt was down for the month of October by 9.3 percent. This news is continued good confirmation for those who believe in beating debt. 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.
The only number that shows an increase in debt this month was non-revolving consumer credit, which can be for student loans and auto loans. Non-revolving consumer credit went up 2.6 percent in October. What do think that means?
Overall, consumer credit was down 1.7 percent for October. That is great news too 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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Thanks for the encouragement! To God be the glory!!
–Eric