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?
1 comment:
Do you even need to ask if they will spend if they can?
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