Credit card debt on a steady decline in the US

Credit card debt on a steady decline in the US

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by Tyler Druin

WHAS11.com

Posted on August 30, 2012 at 3:45 PM

LOUISVILLE, Ky. (WHAS11) - - Paying with plastic is apparently slowing down as credit card debt is falling.

The Federal Reserve Bank of New York says total credit card balances have dropped more than 22-percent since their peak in 2008.
 
Americans have just over $670 billion total in outstanding credit card debt.
 
Credit checks also fell in the second quarter of this year, that's a sign of slower demand.

One kind of debt that is up is auto loans; car buyers borrowed $13 billion in the current quarter.
 

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