It would appear that Americans have learned a lesson during the current recession and cut back on their credit card debt as new figures show that consumer credit fell in May for the fourth straight month.
The statistics released this week from the Federal Reserve show that consumer credit fell 1.5 percent in May with the amount of total debt falling to just over $2.5 trillion. While this is still a massive number to most Americans, the amount of debt consumers have been cutting back on may be just as staggering.
Since the beginning of 2009, U.S. consumers have reduced their total amount of debt by just under $42 billion – a drastic change over the last few years when Americans continued to rack up credit card debt, mortgages, car loans and other forms of debt.
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