Fed reports credit card debt declining and consumer credit rising

Fed reports credit card debt declining and consumer credit rising
Tags: Bank / Credit Union, Debit / Credit
May 9, 2010

A recent study from the Federal Reserve Board reports an overall increase in consumer credit.

According to an article on credit.com, the Fed said consumer credit increased at an annual rate of 1 percent in March, with overall consumer credit increasing from $2.44 trillion to $2.45 trillion.

Recent numbers from Fitch Ratings show credit card debt is decreasing. Charge offs fell 0.34 percentage points to 10.93 percent of accounts during the March pay period. Accounts 30 days late on payment fell to 5.74 percent, and accounts 60 days late on payment fell to 4.27 percent.