Debt consolidation is a type of debt solution that provides the debtor with a single and lower monthly contribution.
Philadelphia, PA (PRWEB) May 28, 2013
It seems that the average American consumer is finally learning their lesson when it comes to credit card debt. Debt relief company, Credit Card Consolidation Loan, rejoices with the rest of the country with the reports that this particular revolving debt has finally declined - at least it did last March 2013.
Fox Business News published a report on May 7, 2013 that amidst the seemingly sluggish economy of the country, Americans are showing signs of being cautious with their spending. The article stated that according to data from the Federal Reserve, the total revolving credit went down in March by 2.4%. This was noted to be the first decline that this type of debt experienced in 2013.
Credit Card Consolidation Loan interprets this as a sign of two kinds of consumer behavior: a higher sense of payment responsibility and smarter credit card spending. It can actually be one of these or a combination of both.
The article stated that although the borrowing increased, it did not include credit cards. Now, it only amounts to 30% of the total borrowed amount of consumers. Next to home loans, it is reported to be the lowest since 1991. Although it meant the decline in retail sales, the debt relief company is happy to note that consumers are starting to wise up when it comes to their debts.
Credit card holders deserve a pat in the back for this latest statistic. However, the same may not be true for student loans and auto loans - both of which increased for the month of March.
This is why Credit Card Consolidation Loan will continue to campaign for debt consolidation as an effective way of getting out of debt. This method of getting out of debt may not be directly applied to both student and car loans but it can help lower the payments for credit card debt. Although this revolving debt is lower, it is still a significant amount.
Debt consolidation is a type of debt solution that provides the debtor with a single and lower monthly contribution. This is possible because the current balance of the consumer is stretched and distributed over a longer payment period that rarely exceeds four years. With a lowered credit card monthly due, consumers can afford to pay off their other debts like student and car loans.
To know more about debt consolidation as an option to get out of credit card debt, visit the website of CreditCardConsolidationLoan.org.