US consumers are starting to pay down those credit card balances. The outstanding stock of consumer credit stalled in the Summer of last year, and during the autumn, it began to decline.Nevertheless, the remaining balances are huge. US consumers still owe over $2.5 trillion.
2 comments:
I recall a recent comment that 5% of Americans pay off their plastic each month.
Probably a 2007 figure but frankly it is extreme and any swing back is to be welcomed as a return to sanity.
Still some way to go before the plastic is toast.
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