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.

Credit card debt outstanding, U.S., Oct 2004 - Jan 2011
Non-revolving debt – principally made up of closed end accounts like student and auto loans – increased in January at an annual rate of 6.9 percent. Non-revolving debt was buoyed in the month by auto and student lending, according to the Fed.

Total outstanding debt in the U.S. was $2.412 trillion in January. The Fed’s G.19 numbers do not include debt backed by real estate.


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