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Credit Card Debt Falls for First Time in 2013
Friday, May 17, 2013 6:25 AM

The Federal Reserve recently reported that the overall credit card debt fell for the first time in 2013 during the month of March.

According to the report, revolving credit fell to an annual rate of 2.4 percent, totaling $846.2 billion (down $1.71 billion from the month of February).

The drop in revolving credit is believed to be the direct result of the spike in payroll taxes in January, making consumers less willing to increase their balances. Retail sales reflect this data, as their sales declined in March as well.

Borrowing has, however, increased as a result of non-revolving credit, which includes student loans and auto financing. According to the Federal Reserve report, borrowing went up by $9.68 billion in March – a 6 percent increase from February.