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Americans Picking Up the Plastic Again

Well, well, well. Could credit card use start to pick up again soon? In January, credit card debt, dropped only 2.3%, after falling a record 18.7% in November 2009. However, such a small drop in January may mean Americans are feeling secure enough to start sounding the familiar refrain of “Charge it!” onsumers still owe $865 billion, or $7,330 per household.

The 12-month decline is still the most since the Federal Reserve began keeping records. The falloff is a result of 22 months of job losses and tightened bank lending standards. (Source: Federal Reserve, G.19 Release, March 5, 2010)

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Americans Picking Up the Plastic Again originally appeared on About.com US Economy on Tuesday, March 9th, 2010 at 07:21:04.

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