Consumer Debt Falls Seventh Straight Month

Washington, DC, Oct. 8, 2010--Consumer debt declined in August for the seventh month in a row, the Federal Reserve reported Thursday.

Total seasonally adjusted consumer debt fell $3.3 billion, or a 1.7% annualized rate, in August to $2.414 trillion. 

July consumer credit was revised to a 2.0% decline compared with the initial estimate of a 1.8% drop.

The decline in August was led by revolving credit-card debt, which fell $5.0 billion or 7.2%. This is the 24th straight monthly decline in credit card balances.

Non-revolving debt, such as auto loans, personal loans and student loans, increased $1.7 billion or 1.3%.