US personal debt..

[5thHorseman]

...... has shrunk! Well done America.

So here is one little statistic that has hitherto received surprisingly little attention: according to calculations from the Federal Reserve Bank of New York, American credit card debt has tumbled to its lowest level since the second quarter of 2002. More striking still, the outstanding balance – of $672 billion – is 22.7 percent below its 2008 peak.

Rest of it is interesting too; http://www.cnbc.com/id/48940998

[Minimalist]

The republicunts will blame Obama for making the banks unprofitable.

[Polaris]

That's because they just stopped lending to the at risk individuals in America as well as being bullies to those who had incurred debt with them.

[JohnDG]

I never understood how American's especially people like me who do not agree on most of the stuff the government does can possibly owe money. I never consented to anything, never singed any forms and constantly vote against most decisions.

Right now it's estimated that each individual american owes about $140,000. I wish I used that much money.

[Minimalist]

When you get elected to Congress your "vote" will count.

[Shell B]

I would venture to say that most people use credit cards because they are living paycheck to paycheck and sometimes payday does not cut it. The rest just like having things they can't afford or enjoy the convenience and safety of carrying a credit card instead of cash, particularly with travelers.

[Jackalope]

I wonder how much of that was either written off or rolled into an equity loan? If its been paid down, that's great news, but if its just been rolled into another vehicle, its just a shell game.

[Shell B]

Yeah, a lot of people "consolidate" their debt.

[cratehorus]

last I saw consumer debt was at $12 trillion, credit cards don't really mean much compared to mortgages, student loans, etc

[Oldandeasilyconfused]

Yeah, a lot of people "consolidate" their debt.

A lot of people are fucking stupid.