| December 8, 2009

Credit card debt continues to drop according to recent numbers

Credit card debt is something that many consumers are focused on when it comes to debt management, and recent numbers from the central bank show people may be making an effort to pay off what they owe.

According to the Federal Reserve, preliminary numbers for October show that revolving consumer credit dropped at an annual rate of 9.3 percent. Revised numbers for the third quarter of this year also show that revolving credit decreased at an annual rate of 7.3 percent. Much of revolving consumer credit is tied up in credit card debt.

Overall, preliminary numbers indicate consumers have made a push to avoid debt. At an annual rate, consumer credit fell 1.75 percent during October, and revised numbers for the third quarter showed that it fell 3.3 percent.

Numbers released for October show that the total amount of consumer credit came to almost $2.5 trillion, while revolving credit amounted to $888.1 billion.

Available credit may be an issue for many consumers as lenders try to be more careful regarding whom they give loans to. For example, many lenders are implementing higher standards for a consumer’s credit score when it comes to qualifying for a loan.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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