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While some dealt with credit cards in December, others may consider debt consolidation
By Angela Hawke on Feb 7th, 2010
Though credit card debt may be a problem for many Americans, a recent numbers from the Federal Reserve Board show that people are making an effort to pay off debt.
For December, revolving consumer credit fell at an annual rate of 11.7 percent. The $866 billion total for revolving credit marks a decline of about $8.5 billion when compared to the month before.
Because much of revolving consumer credit is tied up in credit card debt, a drop in this category could be an indication that people are trying to handle their bills properly. Revolving credit has been dropping every quarter since the end of 2008.
Though some consumers may be finally handling their credit card debt in a responsible way, others may still be struggling with the amount they've charged on their accounts.
Those who face that situation do have options for dealing with the problem. One of those may be debt consolidation, which can help lower the amount people will pay in interest while also making bills more convenient to pay.
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