Consumers Finally Getting Smart? Credit Card Balances in Steepest Drop Ever

by Wolf Richter
Wolf Street

Stimulus and huge shifts in spending, wiping out entire industries and fattening up others.

American consumers – let’s face it, consuming is the number one top job during these trying times – have paid down their credit cards again.

In October, credit card balances and other revolving credit ticked down again from the prior month, and plunged by 10.3% from October last year, the steepest year-over-year drop ever, eking past the peak year-over-year drop during the Financial Crisis (-9.9% in January and February 2010):

Continue Reading at WolfStreet.com…