Credit Card Debt Falls Again in February

http://www.insidearm.com/news/00020243-credit-card-debt-falls-again-in-february/

The Federal Reserve said late Friday that outstanding credit card debt in the U.S. fell at an annualized rate of 3.3 percent in February, the second-straight month of declines.

Total credit card debt fell under $800 billion to $798.6 billion, down from a peak of $972.2 billion in September 2008, according to Fed’s monthly consumer credit report, also called the G.19.

February’s decline marks the second consecutive month that revolving credit balances (principally comprised of credit card accounts) fell. Both reported months in 2012 have featured declines after relatively strong growth over the final four months of 2011. Credit card debt outstanding grew 6 percent over the final quarter of 2011.

Credit Card Debt Falls Again in February

Patrick Lunsford

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