Credt Card Debt Declines

[jeffrey]

The amount of consumer credit outstanding fell in August, its first drop since November, the Federal Reserve said Thursday.

The Fed said consumer, non-mortgage debt declined $2.4 billion to $2.038 trillion in August, much weaker than Wall Street projections for a $5.5 billion gain.

The decline was led by a drop of $3.4 billion in revolving credit, which tracks usage of charge and credit cards.

The Fed said the August drop was the largest one-month decline since December 1990, in the buildup to the first Gulf war.

The debt decline in August was led by a drop of $3.4 billion in revolving credit, which tracks usage of charge and credit cards... [read more at usatoday.com]