The national total for revolving credit – the kind that can be added to and subtracted from month to month, and most often associated with credit card debt – consumers carried in September declined 12.1 percent between August and September, according to a report from the Federal Reserve Board. It marked the third consecutive month in which Americans reduced their reliance on credit cards.
Commercial banks saw the amount of credit card debt, and other types of revolving credit, they handled decline most significantly, the government report said. While they dealt with $620.4 billion in August, that figure dropped to $611.9 billion in September. That total is also down from the $623.4 billion observed at the end of the second quarter.
Many consumers have recently changed the way they deal with their credit card debt. They have cut down on their spending with these accounts, while simultaneously increasing their monthly payments to more quickly reduce their total balance.