Credit Card Debt has drastically increased due to the current economic
situation. Based on the Consumer Credit Report released by the Federal Reserve
for February, we are seeing the balances of consumer credit cards going down,
the lowest we have seen in 31 years. This report shows a trend that will
probably hold steady for months to come, if not the year; Consumers are not
relying on credit cards to get through the recession. Also noted was an increase
in people paying down their debt.
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