| August 9, 2010

Credit debt decreases $1.3B in June as Americans eliminate debt

According to new reports, consumer credit in the U.S. dropped $1.3 billion in the month of June. The Federal Reserve notes that this is coming after a $5.3 billion dip in May. As Americans work on their reducing their credit card debt, financial analysts expected consumer credit to fall $5.3 in June due to the slow job market.

“The consumer has some tough sledding ahead,” chief U.S. economist at MFR Inc. Joshua Shapiro told Bloomberg. “Without any job growth, it’s going to be difficult to generate the kind of income growth we need to generate consumer spending growth.”

About 70 percent of consumer spending accounts for economic growth. Americans are currently more focused on rebuilding their savings as the unemployment rates climbs to 9.5 percent. The $1.3 billion deficit in June is the lowest recorded since October 2005.

Consumers looking to reduce their credit card debt and increase their credit scores are advised to stay on top of payments. Debt consolidation is another way card holders can condense their interest rates into one for lower monthly bills.

"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.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

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.

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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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

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