WASHINGTON (TheStreet) — Consumers lowered their debt in August, the seventh consecutive month that they’ve done so.
The Federal Reserve announced Wednesday that consumer debt fell by $11.98 billion, or at a 5.8% annual rate, to $2.46 trillion during the month. The figure was generally in line with the expectations of economists, who had projected that consumer credit would fall by $12.5 billion. Credit-card debt declined by $9.91 billion, or 13.1%, to $899.41 billion, the eleventh straight drop in the category.
— Reported by Jeanine Poggi in New York
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