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 Consumers Cut Credit Card Spending, Consolidated Credit Encourages Financial Responsibility- Consumers Cut Credit Card Spending, Consolidated Credit Encourages Financial Responsibility
- September 13, 2012
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In the face of steady high unemployment and slow economic growth, consumers have been using their credit cards less in the past few months. A national credit counseling agency sees a spike in calls for debt help and offers consumers advice.
In the face of high unemployment rates and slow growth, consumers have swiped their credit cards much less than in previous months. According to the Federal Reserve, credit card debt fell to $850.7 billion in July, down from $858.8 in May.
Total consumer borrowing also dropped by $3.3 billion to $2.705 trillion in July, marking the first decline since August 2011.
These figures suggest that consumers remain cautious about spending as a result of the economic crisis. But the economy is not ...
- View more at: http://www.1888pressrelease.com/consumers-cut-credit-card-spending-consolidated-credit-enco-pr-423196.html
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