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Credit card balances drop in April, while debt consolidation can help those still in trouble
By Angela Hawke on Jun 8th, 2010
The amount of credit card debt in the country has continued to drop, according to a monthly report from the Federal Reserve Board.
The central bank noted that revolving consumer credit - which is mostly made up by credit card debt - dropped at an annual rate of 12 percent during April. In all, revolving credit fell from $846.5 billion in March to $838 billion.
However, nonrevolving credit increased during the fourth month of the year, rising from about $1.59 trillion to $1.6 trillion. That marks a gain at an annual rate of 7.1 percent. This drove overall credit up slightly at 0.5 percent.
While consumers have been trying to pay off credit card debt throughout - and beyond - the recession, others may be having trouble doing so. However, there may be options these people could consider.
For example, debt consolidation may offer lower interest rates than people currently see on their credit card accounts. It can also make bills easier to pay by reducing them to one statement.
Having only one statement should make it harder to lose track of what bills have been taken care of every month.
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