I think everyone should collectively pat themselves on the back. All it took to start reigning in the debt was a massive financial collapse. Hopefully this trend will continue.
http://money.cnn.com/2008/12/11/news/economy/flow_of_funds/index.htm?postversion=2008121114
Anyway, check out the article. It’s interesting. I wonder if people are willfully changing their habits, or whether it’s just a lack of available credit……
I’d like to see some numbers on this as well. Keep in mind that when a home is foreclosed, that debt is deducted from the aggregated total of “American Consumer debt”. It’s possible that what we are seeing here is just American debt being reduced because people are losing their homes.