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Consumer credit continues to fall, though some may consider debt consolidation to deal with money problems
12/07/2009
Recent numbers from the Federal Reserve indicate that many consumers tried to pay off credit card debt in October.
According to the Fed, revolving credit dropped at an annual rate of 7.25 percent, while October saw a 9.3 percent drop. Much of revolving credit is tied to credit card debt, which means consumers may have concentrated on trying to pay off debt.
However, a drop in revolving credit could also be tied to consumers' inability to pay off credit card debt. When credit card debt companies write off card debt, it is also taken off the total amount of revolving consumer credit.
Recent numbers from Moody's Investors Service show that though credit card defaults fell in October, the number of delinquencies increased to 6.12 percent of card accounts, which could be an indication of future credit card debt write offs.
Though some consumers may be paying off their debts, those who are having difficulty may consider finding help through a credit counseling agency. Such agencies can provide consumers with debt solutions, including debt consolidation.
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