Good News: American Credit Card Debt On The Decline
Good news and credit card debt… those are two phrases you don’t often hear together.
Fortunately, we can say them in this story. Americans have been paying off their credit card debt for the fifth staight month in a row. This goes against what many had predicted: that debt would be rasing because of unemployment.
True, for many that are without a job, unfortunately they are resorting to their charge cards to pay the bills. But overall, more and more Americans are paying down that balance every month rather than adding to it. It looks like the economy finally made some people realize the gravy train isn’t always permanent, and they can’t just keep living on debt to finance their lifestyles forever… so they need to start paying it off.
Let’s hope this trend continues.
i know mine isn’t on the decline
a good sign!
This is great news although just last week, I read a news item saying that the credit card debt is still rising but I like your report since the this will bode well to the financial health of the American families. Like you, I am hoping that this trend will continue.
Evelyn Guzman
This is an encouraging trend, but Statistics can be deceiving. I would be interested to know if this is being financed by another source of debt.