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While some continue to pay down credit cards, others may consider debt consolidation to help with debt
By Oscar Monfort on Mar 9th, 2010
Consumers continued to focus on trying to pay off credit card debt, according to recent numbers from the Federal Reserve Board.
The Fed reported that revolving consumer credit dropped at an annual rate of 2.3 percent during January. Revolving consumer credit, most of which is accounted for by credit card debt, fell from $866.1 billion in December to $864.4 billion in the first month of the year.
Though credit card debt did drop in January, the decline was not as marked as rates in past months. November of last year saw revolving consumer credit fall at an annual rate of 18.5 percent, while December posted a 12.9 percent decline.
The trend in trying to pay off credit card debt came as consumers struggled through a difficult economy that saw unemployment rise and credit lines slashed. What remains to be seen is if the trend to cut down on credit card debt continues as the economy makes strides toward improvement.
However, while some consumers have concentrated on paying down debt, others are still struggling with it. Those people may consider debt consolidation, which can help reduce the amount they end up paying in interest. As a result, they could pay off their credit card debt in a shorter amount of time.
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