After breaking a 27-month losing streak in December 2010 with a small gain, consumer credit card debt outstanding fell by more than 6 percent in January according to data released late Monday by the Federal Reserve.
In its monthly Consumer Credit statistical release (G.19), the Fed reported a $4.2 billion decline in revolving debt outstanding, which is almost entirely comprised of credit card debt. The measure fell at an annualized rate of 6.4 percent after increasing at a 3 percent rate in December 2010.
Total consumer credit card debt outstanding was $795.5 billion in January, down from a peak of $973.6 billion in August 2008.
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