Americans cut debt by $12 billion in August

For the seventh-straight month, Americans cut their outstanding debt in August by $12 billion, another sign that consumers are spending less and banks are tightening credit, the Federal Reserve just announced. Wall Street predicted a $10 billion decline.

Credit cards and other revolving debt accounted for most of the 5.8% drop.

Here are the numbers. ( http://www.federalreserve.gov/releases/g19/Current/ )

Posted by Michael Winter at 03:13 PM/ET, October 07, 2009 in Economy, Money

http://blogs.usatoday.com/ondeadline/20 ... ugust.html