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Although Wall Street was anticipating a large increase in consumer credit debt, the Federal Reserve surprised many by announcing outstanding revolving consumer debt fell a record $7.2 billion in November. The Federal Reserve report showed a sharp decline in credit card and charge card activity. It was also the largest monthly decline since the data has been collected beginning in January 1943. Non-revolving credit - which includes debt such as closed-end loans for cars, tuition, boats, vacations and other items - fell some $1.5 billion.
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November also found a 11% decline in bankruptcy filings over year ago levels with overall bankruptcy filings down more than 4% year-to-date. There were nearly 117,000 filings made in November compared to nearly 132,000 for the same month a year earlier. During the 12-month period ending September 30, 2004, there were approximately 1,619,00 bankruptcies filed, down from approximately 1,662,000 bankruptcies filed in the same period in 2003. The decline in bankruptcies for through September 30 of this year is the first drop in consumer bankruptcy filings since 2000.
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November also found a 11% decline in bankruptcy filings over year ago levels with overall bankruptcy filings down more than 4% year-to-date. There were nearly 117,000 filings made in November compared to nearly 132,000 for the same month a year earlier. During the 12-month period ending September 30, 2004, there were approximately 1,619,00 bankruptcies filed, down from approximately 1,662,000 bankruptcies filed in the same period in 2003. The decline in bankruptcies for through September 30 of this year is the first drop in consumer bankruptcy filings since 2000.
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