You have no doubt heard by now, or perhaps have experienced first hand, that credit is a lot harder to come by than it was just a couple years ago. This may, in fact, not be such a bad thing for American consumers, forcing them to live within their means and drive down debt balances.
In March 2009, outstanding non-mortgage debt in the U.S. was $2.54 Trillion. By March 2010, that number had dropped to $2.45 Trillion. That's just about $9 Billion, but it is a good start in the right direction.
There have now been 18 straight months that have seen the level of revolving debt drop, with $935 Billion in March 2009, down to $853 Billion in March 2010.
Also, there are 16% less Americans that are 90 days behind or more on their credit cards today than a year ago, and 20% less that are 60 days behind or more on a car loan.
No comments:
Post a Comment