At a time when credit cards are usually getting maxed out this past holiday season showed a startling but not completely unexpected drop in consumer credit and credit card debt.
During the month of December 2009 the revolving consumer credit fell at an annual rate of 11.7 percent, during the month of November consumer credit fell at a rate of 18.6 percent.
Revolving credit, which consists of mostly credit card debt, declined from $874.5 billion in November 2009 to $866 billion in December 2009.
Of course, the economic recession is forcing more and more people to rely on cash or debit cards and actual purchasing may also be down.
