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People Continue Paying Down Credit Card Debt    
Industry News
 
Federal Reserve numbers confirm that people seem to be paying down more of their credit card debt, a trend noted by a few large banks in their first quarter earnings. Credit card, or revolving, debt fell by 0.2 percent in March, a decline of $140 million to $805.8 billion, according to recent Federal Reserve numbers. That marks the first decline in credit card debt since last October, though February’s increase came in at a mere 0.2 percent.

Credit card debt may have declined, but overall consumer credit increased in March by 1.4 percent, rising $2.52 billion to a total of $2.161 trillion. That rise was fueled by the rise in non-revolving debt, which includes car, boat, education and vacation loans. Non-revolving debt rose 2.4 percent, or $2.66 billion, to land at $1.35 trillion, according to the federal numbers.

The dip in credit card debt reflects a trend reported in first quarter earnings for Chase JP Morgan and Citigroup, which said holders were paying off more of their credit card balances.
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