On December 10th, the Federal Reserve released its latest findings on Consumer Debt Outstanding. In reflection of good personal choices, personal debt went down by 2.6% for the third quarter 2009. This is amazing because it brings the total personal national debt down to just around $13.6 trillion. Also, for the first time ever, personal debt did not grow for the fifth quarter in a row. This decrease was due to a 3.6% drop in household home mortgage debt AND a 3.2% drop in consumer credit.
Maybe we can interpret that as people are starting to turn away from using loans and credit cards as a normal process to make purchases. Maybe we can interpret this data as people learning about the advantages of using cash and debit cards to make purchases. Maybe we are starting to pay off our debts to earn our financial freedom. This is all great news!
Since debt is going down, BeatingDebt.org updated the scripts on the Consumer Debt Clock to continue counting down. Isn’t that wonderful?!
Check out the Consumer Debt Clock that is going down in value and feel free to add it to your website to encourage others to help decrease our consumer debt addiction.
Can we keep up the trend of the clock going down for another quarter?
Can we help it along by paying off our personal debt?
–Convincing People To Stay Away From Debt–
~~~~~~~~
Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
[...] Why is this going down? Add this button to your blog/website [...]