I noticed an article this morning on CNN that Americans reduced their revolving credit for a record 11 straight months. This time it was at a clip of 8.5 billion. Not bad. At that rate, we'll zip through the $866 billion we've built up in a mere 8.5 years. Of course, we owe another $1.59 trillion in non-revolving debt, but at least this is a good baby step.
Will the trend continue once the economy improves or will people get sucked back in to the credit card debt treadmill?
Do you even need to ask if they will spend if they can?
ReplyDelete