Debt Reduction In America

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Overall consumer debt not tied to real estate has seen a steady decline for the past 21 months in a row.

American?s are reducing their debt consistently in response to the sluggish economy and the weaker labor market.

Credit card balances are now at their lowest level since late 2005 as per the Federal Reserve?s update for June 2010.

The personal savings rate also increased 6.4% in June and it is at the highest level since June 2009.